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

Explain the shrinkage strain of concrete, Explain the shrinkage strain of c...

Explain the shrinkage strain of concrete Shrinkage of concrete depends only on the interval of time and the moisture conditions, but is independent of the stresses in the membe

Explain statically indeterminate structures, Explain Statically Indetermina...

Explain Statically Indeterminate Structures  Fall into two categories:   1.  Beam problems with additional supports/restraints 2.  Axial bar members subjected

Describe the geophysical profileof borings, Describe the Geophysical Profil...

Describe the Geophysical Profileof Borings The variation in the thickness of the soil stratum for engineering application is known as the geophysical profile. Figure 1.2 shows

Is cbr test is an arbitrary test, CBR Test is an arbitrary test', justify. ...

CBR Test is an arbitrary test', justify. Explain the procedure for conducting the CBR test in the field. Surcharge loads are used in the CBR test; Describe their significa

What is diversion tunnel in a dam, When a dam is to be built, a diversion t...

When a dam is to be built, a diversion tunnel is usually bored by solid rock next to the dam site to bypass the dam construction site. The dam is built while the river flows by the

Principle of adding cooling pipes, Question What is key principle of a...

Question What is key principle of adding cooling pipes or yet using cold water for concrete in concreting operation? Answer These methods aim at reducing placing tem

Timber, seasoning of timber

seasoning of timber

Bmc, what is a masonry

what is a masonry

What are the uses of groynes, They stop, or slow down erosion, and stop lon...

They stop, or slow down erosion, and stop long shore drift. This, though, can have bad knock-on effects somewhere near.

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