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

Wmm, what is material of wmm plant

what is material of wmm plant

Handheld inspection tool for underwater inspection of bridge, Explain Handh...

Explain Handheld Inspection tools for Underwater Inspection of Bridge? Handheld tools such as flash lights, rulers, and tape measures for documenting areas; small or large hamm

Aggregates, list the properties of aggregates

list the properties of aggregates

Concrete, if the slump of concrete drops how to rectify it

if the slump of concrete drops how to rectify it

Explain about the pot bearing - bridge bearing, Explain about the Pot Beari...

Explain about the Pot Bearing? POT bearing was developed in 1959 as an alternative to heavy steel sliding bearings. It consists of a circular non-reinforced rubber-pad fully en

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