Ironwood Bank is offering a 25 -year a mortgage with an APR of 5.95% based on monthly compounding. If you plan to borrow $ 160,000, what will be your monthly payment?
The loan payment is $___________. (Round to the nearest cent.)
You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 6.25% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.)
Cash that remains after payoff of mortgage is $________.