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

Environmental engineering, A nearly horizontal, 12 ft wide rectangular chan...

A nearly horizontal, 12 ft wide rectangular channel carries 60 cfs at a depth of 3.0 ft. The width of the channel is smoothly contracted to 6 ft at the downstream section. (a) Dete

General requirement for civil engineering, Question General requirement for...

Question General requirement for Civil Engineering Works in 1992 Edition, Clause 15.09 details that tying wires for strengthening adjacent to and above Class F4 and F5 closes must

Remedial measures for problems in turbid water - absorption, Define Remedia...

Define Remedial measures for Problems in Turbid Water - Absorption? The process of absorption of light can be overcome by using higher powered lighting, or by using more light

Passenger terminal building, Passenger Terminal Building: Importanc...

Passenger Terminal Building: Importance In a civil airport, the passenger terminal building is the centre of all activities. It services both inbound and outward boun

Drawing, parabola by offset method

parabola by offset method

Determine the stresses within the rod, Determine the stresses within the ro...

Determine the stresses within the rod: Two parallel walls are stayed together through a steel rod of 5 cm diameter passing through metal plates and nuts at both ends. The nuts

Seminar class, I have a writing that needs to be corrected

I have a writing that needs to be corrected

Define the types of pump performance curves, Define the types of Pump Perfo...

Define the types of Pump Performance Curves Two types of pump performance curves: x-axis = flow rate; y-axis = head (TDH). Characteristic curves: Provided by the pump m

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