A homeowner has been paying a monthly mortgage payment of $860.53 on a 40-year loan at a fixed annual interest rate of 6%. After making payments for 11 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage? Round your answer to the nearest cent.
a. $141,766.63
b. $283,704.39
c. $156,400.00
d. $70,818.18
a. $141,766.63
Mathematics
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