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

What is corrosion inhibitors, Q. What is Corrosion inhibitors? Corrosio...

Q. What is Corrosion inhibitors? Corrosion inhibitors are chemical substances that when added in small concentrations, stop or decrease the corrosion or reaction of metalwith t

Chain survrying, How do we overcome obstacle like river in chain survey?

How do we overcome obstacle like river in chain survey?

Define deferred maintenance- underwater inspection of bridge, Define Deferr...

Define Deferred maintenance - underwater inspection of bridge? Many problems of the substructure can be traced to lack of any maintenance in time, which again can be due to lac

Strength of materials, distribution of shear stress in triangular section

distribution of shear stress in triangular section

Determine the weight of one gallon of ferric chloride, The specific gravity...

The specific gravity of ferric chloride solution equals 1.3.  How much does one gallon of ferric chloride weigh?  Solution:  ρ ferric chloride /ρ water = 1.3       Conver

Show the excessive movement joints in bridges, Q. Show the Excessive moveme...

Q. Show the Excessive movement joints in bridges? Movement joints are generally added to bridge structures to accommodate movements because of dimensional changes arising from

Mechanism of plastic settlement in fresh concrete, Q. Mechanism of plastic ...

Q. Mechanism of plastic settlement in fresh concrete? Within a few hours after placing of fresh concrete, plastic concrete can experience cracking due to occurrence of plastic

Sewer, what are the procedure of surveying for sewer projects/

what are the procedure of surveying for sewer projects/

Purpose of using capping layers in pavement construction, Q. Purpose of usi...

Q. Purpose of using capping layers in pavement construction? When California Bearing Ratio of subgrade is checked to be below a specific percentage (for example 5%), a capping

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