vdavis355 vdavis355
  • 12-08-2018
  • Mathematics
contestada

Calculate the monthly payments for a home mortgage of $98,000 with a fixed APR of 6.25% for 30 years.

Respuesta :

rejkjavik rejkjavik
  • 21-08-2018

We are given

PV=$98000

r=6.25%=0.0625

t=30 years

n=12

now, we can use mortage formula for monthly payment

[tex] PMT=\frac{PV*(\frac{r}{n})}{[1-(1+\frac{r}{n})^{-n*t}]} [/tex]

now, we can plug our values

and we get

[tex] PMT=\frac{98000*(\frac{0.0625}{12})}{[1-(1+\frac{0.0625}{12})^{-12*30}]} [/tex]

now, we can simplify it

and we get

[tex] PMT=603.40286 [/tex]

so,

monthly payment is $603.40..........Answer

Answer Link

Otras preguntas

Consider parallelogram QRST below.Use the information given in the figure to find m ZR, x, and m ZROS.R.4x1275040°7S
Lana bought a new jacket. The original price of the jacket was $48 but it was on sale for 15% off. What did Lana pay for the jacket with the discount?
Adam added 6 to a number, multiplied the result by -3, and got 24. What is the number?
5/6 year = how many months
can u help me with this by using inverse trig.ratios. Find angle A and angle B.
Complete the table of X- and y- values for each equation.
35,876 rounded to nearest 100 and 1000
4. 45.67 divided by 1,000
Given the diagram shown, which of the following statements are true.
A state sales tax of 6% and a local sales tax of 1% are levied in Tampa, Florida. Suppose the price of a particular car in Tampa is $15,000, and an oil change a