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

Cement, Why we mixm pozzolona in cement

Why we mixm pozzolona in cement

Inadequate pile founding level, Reasons of common occurrence of "inadequate...

Reasons of common occurrence of "inadequate pile founding level" in piles of piers The most severe load on piers usually is the horizontal load owing to berthing and mooring o

How to design marginal embankments, Q. How to design Marginal Embankments? ...

Q. How to design Marginal Embankments? Design aspects of marginal embankments are similar to those of approach banks. The aspects needing special attention are dealt with below

Diffrence between rowe cell and oedometer apparatus, Q. Diffrence between R...

Q. Diffrence between Rowe cell and Oedometer apparatus? The benefits of using Rowe cell over oedometer apparatus are:  (i)  It possesses control facilities for drainage and

Elimination of formwork with reasons, Question For a l ong slender structur...

Question For a l ong slender structure similar to beams, propping is compulsory after elimination of formwork with reasons? Answer After concreting, time at which arresting of

What are advantages and disadvantage of varnishing, Q. What are advantages ...

Q. What are advantages and disadvantage of varnishing? Varnish is a clear pale solution of a resinous substance ( like amber, common resin, copal, lac, or shellac 0 dissolved i

Surveying, Distance ABC was measured with a 30m. Chain tested and found to ...

Distance ABC was measured with a 30m. Chain tested and found to be correct in the beginning of the work .after measuring AB=1.2 km chain was found to be 10 cm. To long chaining was

KNIFE EDGE LOADING, How does the knife edge load simulate the existing cond...

How does the knife edge load simulate the existing condition of the bridge structure?

State the design process of prestressed concrete, State the Design process ...

State the Design process of Prestressed Concrete Most of the times, the design process is an interactive and trial procedure in which the cycle of analysis - design - analysis

English, Features of literary writing

Features of literary writing

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