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

Roads in marshy areas, Roads in Marshy Areas: The Problems Encounte...

Roads in Marshy Areas: The Problems Encountered Roads passing through marshy and swampy ground and waterlogged areas have stable ground generally in a saturated condi

Explain the methods of underwater inspection, Explain the Methods of Underw...

Explain the Methods of Underwater Inspection? There are three common methods of carrying out underwater inspection of bridge elements. a)  Wading inspection b)  Scuba div

Design of the aeration basin based on solids retention time, Design of the ...

Design of the Aeration Basin Based on Solids Retention Time - sewer construction: You are provided the following information about a municipal wastewater treatment plant. That

State the volume change from the plastic limit, The plastic limit and liqui...

The plastic limit and liquid limit of a soil are 33% and 45% respectively. The percentage volume change from the liquid limit to the dry state is 36% of the dry volume. Likewise, t

Structural analysis 1, derive equation of radial pressure and loop stresses...

derive equation of radial pressure and loop stresses of thick cylinder

Base isolation, why base isolation is not good for tall building

why base isolation is not good for tall building

Theory of structure, How to convert uniformly varying load to point load

How to convert uniformly varying load to point load

Grade of cement, Grade of Cement: In India, the following grades of c...

Grade of Cement: In India, the following grades of cement are used for roads : Ordinary Portland Cement (OPC) Grade 33 Grade 43 Grade 53 Portland Pozz

Float or slack of an activity is positive or negetive, 1. What take place w...

1. What take place when float or slack of an activity is positive Ans: It represents a situation where extra resources are available and the completion of the project is not de

What are the stresses on the plane of failure, A granular soil is subjected...

A granular soil is subjected to a minor principal stress of 200 kN/m 2 . If the angle of internal friction is 30°, verify the inclination of the plane of failure with respect to th

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