Business, 05.05.2020 06:35 rodriguezjalissa132

When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 6 percent per year (compounded annually). The annual payment on the mortgage is $12,000, paid at the end of each year. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount if you have lived in the house for 12 years (so there are 18 years left on the mortgage)

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When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate...