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

Truss, modified pratt truss with detailing in 3D

modified pratt truss with detailing in 3D

Main advantages of using rubber dams, Question In assortment of dams in...

Question In assortment of dams in drainage channels, what are the main advantages of using rubber dams instead of steel-gate dams ? Answer Key Advantages of rubber d

Radial flow pumps for small flows and high heads, Radial flow pumps for sma...

Radial flow pumps for small flows and high heads In radial flow pumps, a diffuser/volute is generally designed at it outlet to convert the kinetic energy obtained during the pu

State about the prestressing steel, State about the Prestressing Steel ...

State about the Prestressing Steel For prestressed concrete members, the high-tensile steel, used generally, consists of wires, bars or strands. The high tensile strength of s

Compression members, Compression Members: Compression members in steel...

Compression Members: Compression members in steel need special care in design. Steel possesses high strength in tension/compression; hence the sections are generally small com

Geotechnical Design, I need this to be done perfectly . It is a civil engin...

I need this to be done perfectly . It is a civil engineering assignment. Please let me know if you can solve this perfectly within no more than 40 hours. Thanks.

Compare brick masonry versus stone masonry, Compare brick masonry versus st...

Compare brick masonry versus stone masonry advantage and disadvantage? Ans.- Comparison between Stone masonry and Brick masonry- Stone masonry Bri

Design of steel lug angles with channel sections.., while designing the lug...

while designing the lug angles with the channel section what does "the force not acccounted for by the direct connection of member" mean?

Determine the thickness of flexible pavement layer, Determine the thickness...

Determine the thickness of flexible pavement layer 2 given the following:  FACTS: Total Structural Number required = 7.0 Total number of layers = 2 Layer 1 consists of

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