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

Prime coat - road pavements, Prime Coat: A prime coat is the applicat...

Prime Coat: A prime coat is the application of a low viscosity binder, usually a bituminous emulsion, to a gravel, WBM or WMM surface, to enable the binder to fill up the voi

Explain the term - strength cement, Explain the term - strength cement ...

Explain the term - strength cement It should be appreciated that the tensioning arrangement shall have to be kept in place until tendons are cut. This shall depend on how quick

Classification of timber based on modulus of elasticity, Classification Bas...

Classification Based on Modulus of Elasticity: Young's modulus is resolute by conducting bending test. On this basis timber is classified as following: Group A: E = 12.5 kN

Delay of bituminous laying on top of sub-base, Question In case if ther...

Question In case if there is a delay of bituminous laying on top of sub-base, have to tack coat be applied on the top surface of sub-base? Answer When there is a d

Arches and lintels, classification of arches based on their shape are?

classification of arches based on their shape are?

What will be the increase in horizontal thrust, A 9 metre high retaining wa...

A 9 metre high retaining wall retains a soil with the following properties: φ = 36°; γ = 18 kN/m 3 . What will be the enhance in horizontal thrust if the soil slopes up from the

Stainless steel really stainless in construction purpose, Question Is i...

Question Is it true that stainless steel really stainless in construction purpose ? Answer Stainless steel refers to alloy steels with more than 10.5 percent of chrom

Calculate the square foot of contact area for the formwork, A concrete crew...

A concrete crew will use the available steel form panels measuring 2'-6" wide x 4'-0" high to construct a 40'-6" long by 3'-2" high by 1'-6" wide concrete knee wall. The square

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