chloelandry
chloelandry
27.07.2021 • 
Business

When Ruth purchased her house, she took out a 30-year annual payment-mortgage with an interest rate of 5.5%. The annual payment on the mortgage is $12,000. She has just made a payment and has now decided to pay the mortgage off by repaying the outstanding balance. What is the amount of the loan taken? What is the payoff amount if:
a) She has lived in the house for 10 years?
b) She has lived in the house for 19 years?
c) She has lived in the house for 10 years and she decides to pay off the mortgage immediately before the 10th payment is due?

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