Calculate the monthly payment for home mortgage, Civil Engineering

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Your home mortgage is $300,000 for 30 years with a nominal annual rate of 7%. The monthly payment is most nearly:

Solution: n = 360 months interest = 7%-annual ÷ 12-months/year

= 0.583% per month

$300,000(A/P, 0.00583, 360) = Apply the equation:

i (1+i)ⁿ/ (1+i)ⁿ -1

= 0.006650339

A = 300,000 x 0.006650339 = $1,995.10 per month

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