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

Define project schedule financial analysis, The 6 monthly payment applicati...

The 6 monthly payment application for the construction of a $70,000,000 University dormitory is analyzed and the summary accounting show: the budgeted cost of work performed is $14

Explain gauge conversion, Q. Explain Gauge Conversion? All the advanced...

Q. Explain Gauge Conversion? All the advanced countries of the world have recognized the need for uniformity of gauge. There are a number of problems that have cropped up on th

Timer, grading classification

grading classification

Soil structure, what is soil structure and types of soil structure?

what is soil structure and types of soil structure?

What do you mean by no fines concrete, Q. What do you mean by No fines conc...

Q. What do you mean by No fines concrete? Sometimes no fines concrete is used in houses due to its good thermal insulation properties. Essentially no fines concrete comprises c

Verify the magnification and transmitted force, The exciting force in a con...

The exciting force in a constant force type of excitation was 120 kN. The natural frequency of the machine foundation is 4 Hz. The damping factor is 0.36. Verify the magnificati

Surveying, what is meant by geodetic survey

what is meant by geodetic survey

Formation of frost heave, Q. Formation of frost heave? In the past, it ...

Q. Formation of frost heave? In the past, it was believed that formation of frost heave was related to volumetric expansion of soil water which changed from liquid state to sol

Beam stress, what is the bending stress for a simply supported beam with th...

what is the bending stress for a simply supported beam with three equal concentrated loads that are equally spaced?

Modulus of elasticity of light-weight concrete, Modulus of elasticity of li...

Modulus of elasticity of light-weight concrete The modulus of elasticity of light-weight concrete is about 50 to 55% of that of normal-weight concrete. The loss of prestresses

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