Mr. olson has a 30yr fixed rate mortgage with 6.6% APR. His monthly payment is $1272.50 and he has 10 yrs left on the mortgage (next payment is due next month)
How much would Mr. Olson need today to pay off the mortgage?How much would Mr. Olson need today to pay off the mortgage?
$111,566.59 Present Value of the loan (payoff amount)
1,272.50 Monthly payment
12 payments per year
120 payment left until balance is zero
6.6% APR
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