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

Process of installation of elastomeric bearing, The process of installation...

The process of installation of elastomeric bearing differs in case of precast vis-a-vis cast-in-situ girders. For precast girders, the bearing may be fixed to the underside of the

Bricks, BRICKS Brick is obtained by moulding good clay into a block, wh...

BRICKS Brick is obtained by moulding good clay into a block, which is dried and then burnt. It is the oldest building block to replace stone. Manufacture of brick started havin

Explain the confined aquifer and piezometric surface, Explain the Confined ...

Explain the Confined Aquifer and Piezometric Surface Confined Aquifer Groundwater is confined by impervious geologic stratums on all sides. The water may be under pressure.

Cutting edge in well foundation, Q. Cutting edge in well foundation? Th...

Q. Cutting edge in well foundation? The function of cutting edge on well foundation is basically to cut through the earth which being sunk. The angle of well curb pushes the ea

How can we reduced frictional losses, How can we reduced frictional losses ...

How can we reduced frictional losses Frictional losses can be reduced by several methods, such as : (a) Over-tensioning the tendons by an amount equal to the maximum frictio

Define types of inspection of bridge, Define Types of Inspection of Bridge?...

Define Types of Inspection of Bridge? Underwater inspections are generally categorised into five types: - Inventory - Routine - Damage - In-depth - Interim

Fore bearing, find out the interior angleS with diagrame LINE AB, BC, CD, D...

find out the interior angleS with diagrame LINE AB, BC, CD, DE, EA Fore bearing 60''30" , 122'' , 46'' , 205''30" , 300''

Construction management, i would like to get a project done. I have some pl...

i would like to get a project done. I have some plans and I need a cost estimate on how much it will cost to get it constructed.

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