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

Solid mensuration, a street light is 15 ft directly above the curb. a 6 ft ...

a street light is 15 ft directly above the curb. a 6 ft man starts 10 ft down the street from the light and walks directly across the street which is 10 ft wide. when he reaches th

EARTH FILL dam, different components of all types of earth fill dam

different components of all types of earth fill dam

Explain about noise absorptive materials, Q. Explain about Noise absorptive...

Q. Explain about Noise absorptive materials? The fundamental mechanism of noise absorptive material is to change the acoustic energy into heat energy. Amount of heat produced i

Water absorption test for precast concrete pipes, Question What is the ...

Question What is the major purpose of carrying out water absorption test for precast concrete pipes? Answer Cement will mix with additional water than is compulsory t

Dam, types of dam

types of dam

leveling, what are the diff.types of levels used in levlin

what are the diff.types of levels used in levling

Verify the intensity of vertical stress at a point, Verify the intensity of...

Verify the intensity of vertical stress at a point A line load of 100 kN/metre run extends to a long distance. Verify the intensity of vertical stress at a point, 2 m below the

What do you mean by manhole loss, Q. What do you mean by Manhole loss? ...

Q. What do you mean by Manhole loss? Manholes are provided in locations where there are changes in direction, size and gradient of gravity pipelines. Generally practice for str

Offset, what is the meaning of offset

what is the meaning of offset

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