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

Determine length of guide bunds, Q. Determine Length of guide bunds? Leng...

Q. Determine Length of guide bunds? Length of a guide bund has to be such that the flow approaching even from behind the guide bund would pass through the bridge with minimum obl

Concrete, whats the role of gypsum in concrete?

whats the role of gypsum in concrete?

Obtain maximum positive moment in a span of continuous beam, Reason of load...

Reason of loading on alternative spans to obtain maximum positive moment in a span of a continuous beam To attain a maximum sagging moment in a span of a continuous beam, gene

How to set location of the bridge, Q. How to set Location of the bridge? ...

Q. How to set Location of the bridge? A bridge is normally located where the river section has minimum width so that the structure becomes shorter and economical. As far as pos

Beams, how to convert uniformly varying loads to point loads

how to convert uniformly varying loads to point loads

Shear stress, shear stress numerical of T section & I section to find maxim...

shear stress numerical of T section & I section to find maximum shear stress

Intercepting drains, Intercepting Drains: Intercepting drains, also k...

Intercepting Drains: Intercepting drains, also known as catch-water drains, are provided in the uphill slope of hill roads to intercept the water and lead it to a natural wat

FLAMISH BOND, TH ADVANTAGES OF FLAMISH BOND

TH ADVANTAGES OF FLAMISH BOND

Torpedo splice triple wedges, Torpedo splice triple wedges In a Torpedo...

Torpedo splice triple wedges In a Torpedo splice triple wedges, shown in Figure, are provided to firmly hold tendon wires. Whole assembly of the splice is housed in a sleeve. L

Solid mensuration, the two sides of a triangle are 17cm and 28 cm long, and...

the two sides of a triangle are 17cm and 28 cm long, and the length of the median drawn to the third side is equal to 19.5. find the distance from an endpoint of this median to the

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