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When you purchased your? house, you took out a? 30-year annual-payment mortgage with an interest rate of 7% per year. The annual payment on the mortgage is 16,803. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.

a. What is the payoff amount if you have lived in the house for 11 years? (so there are 19 years left on the? mortgage)?

b. What is the payoff amount if you have lived in the house for 24 years? (so there are 6 years left on the? mortgage)?

c. What is the payoff amount if you have lived in the house for 11 years? (so there are 19 years left on the? mortgage) and you decide to pay off the mortgage immediately before the 11th payment is? due?

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