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

Inadequate pile founding level, Reasons of common occurrence of "inadequate...

Reasons of common occurrence of "inadequate pile founding level" in piles of piers The most severe load on piers usually is the horizontal load owing to berthing and mooring o

Define the rectangular weirs, Define the Rectangular Weirs Sometimes re...

Define the Rectangular Weirs Sometimes referred to as "sharp crested weirs" if the top edge of the weir plate is narrow

Differences between epoxy grout and cement grout, Differences between epoxy...

Differences between epoxy grout, cement grout and cement mortar? Epoxy grout comprises epoxy resin, epoxy hardener and aggregates/sand.As a matter of fact, there are various ty

Explain frame members effective lengths, Explain Frame Members Effective Le...

Explain Frame Members Effective Lengths a. Effective length is a product of an effective length factor (k) and the actual length of the column. b. k depends on the rel

Heat transfer, Three mechanisms: 1) Conduction - occurs in solids and st...

Three mechanisms: 1) Conduction - occurs in solids and stationary fluids (liquids or gases). 2) Convection - occurs in fluids. Change in the buoyancy of the fluid due to its

Weigh batching, measurement of gauge box for sand ?

measurement of gauge box for sand ?

Define the disintegration - underwater inspection of bridge, Define the Dis...

Define the Disintegration - underwater inspection of bridge? Disintegration of concrete may be defined as the deterioration of concrete into small fragments or particles result

Quality control in flexible pavements, Quality Control in Flexible Pavement...

Quality Control in Flexible Pavements: The quality control needed for Flexible Pavements covers the following tests : (a) Density and Moisture content of sub-grade. (b)

Position of shear keys under retaining walls, Installation of shears keys a...

Installation of shears keys assists to increase sliding resistance of retaining walls without the necessity to widen the base. Effect of shears keys enhances the deepening of the s

Define types of seismic isolation bearing - rubber bearings, Define Types o...

Define Types of Seismic Isolation Bearing - Rubber Bearings? Seismic isolation is obtained by two types of isolation bearings. a) Rubber bearings b) Friction pendulum bea

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