Calculate the monthly payment for home mortgage, Civil Engineering

Assignment Help:

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


Related Discussions:- Calculate the monthly payment for home mortgage

Precast concrete jacking pipes, Question While precast concrete jackin...

Question While precast concrete jacking pipes , from time to time grout holes are calculated inside these precast pipes. Give specific and key reasons? Answer Grout h

Material of steel tendons, Material of steel tendons The material of s...

Material of steel tendons The material of steel tendons also must be of a high strength. Tendons should possess required material and geometrical properties so that a desired

Design the 2-span continuous center, Design the 2-span continuous center T-...

Design the 2-span continuous center T-beam, B2, for the floor syetem shown below. The girders that the beam frames into are all 24" wide. Using fc'= 5 ksi, and fy = 60 ksi. The ser

Physical tests on cement, Physical Tests on Cement (a) Soundness Test: ...

Physical Tests on Cement (a) Soundness Test: by sieve analysis, it is conducted. 100 gms of cement is taken and sieved throughout IS sieve No. 9 for fifteen minutes. Residue on

Harbour, typical layout showing dock,quay.jetties,turning circle,pier

typical layout showing dock,quay.jetties,turning circle,pier

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd