You have just sold your house 900000 in cash your mortgage, Accounting Basics

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You have just sold your house 900000 in cash your mortgage

Problem

You have just sold your house $900,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage?

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Accounting Basics: You have just sold your house 900000 in cash your mortgage

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