Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. several years ago, bill smith borrowed $125,000 to

Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15...

90.2K

Verified Solution

Question

Finance

Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 49 , compute the payoff on Bill's loan. (Round your answer to 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

In figure ABCDE is a channel in the vertical plane part BCDE being circular with...

Physics
1.2K views

18 A small body of mass 10 gram is making simple harmonic oscillations along a...

Basic Math
1.2K views

Use elimination to solve each system below System 1 System 2 3x 4y 6 3x...

Basic Math
1.2K views

A medical treatment has a success rate of 0.8. Two patients will be treated with...

Statistics
1.2K views

Great Pumpkins When growing giant pumpkins for competitions growers need to keep track of the...

Calculus
1.2K views

2 How much interest simple will you pay after 12 years at 3 3 on...

Accounting
1.2K views

what is scenario analysis as applied to pricing decisions...

Accounting
1.2K views

6. The Cash account of Safe and Secure Security Systems reported a balance of $2,490...

Accounting
1.2K views

MA: Appraising Budgets Purpose: This assignments will assess knowledge of qualitative factors relating to differential...

Accounting
1.2K views

Jasmine's Supply Co. has the following transactions related to notes receivable during the lasst 2...

Finance
1.2K views

Problem 5-42 Calculating Present Values (LO 1] In 2018, a running back signed a contract...

Finance
1.2K views

If interest rates increase 32 basis points for an FI that has a gap of...