After making payments of $909.10 for 6 years on your 30-year loan at 8.5%, you decide to sell your home. What is the loan payoff?
Added by Timothy B.
Step 1
First, we need to find the monthly interest rate. We know the annual interest rate is 8.5%, so we can divide that by 12 to get the monthly interest rate: Monthly interest rate = (8.5% / 12) = 0.085 / 12 = 0.0070833 Show more…
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