shortyyashaun
13.02.2020 •
Mathematics
1. Ada purchased a house using a fixed rate mortgage. The annual interest rate is 6.3%
compounded monthly for 15 years. The mortgage amount is $295,000. What is the monthly
payment on the mortgage?
$1,742.14
$2,164.84
$2,537.44
$1,717.98
Solved
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Ответ:
The monthly payment on the mortgage is option C) $2537.44
Step-by-step explanation:
Principal (P): $ 295,000Rate (r): 6.3% = 0.063Number of times compounded (n): 12monthsThe formula is A = P(1 + r/n)^nt
⇒ A = 295000(1+0.063/180)^(180
15)
⇒ A = 295000(180.063/180)^2700
⇒ A = 295000 (1.00035)^2700
⇒ A = 758854.5
Interest = Amount - Principle
⇒ 758854.5 - 295000
⇒ Interest = 463854.5
∴ The monthly payment for 15 years = 463854.5 / (15
12)
The monthly payment on the mortgage = 2576.9 (approximately option C)
Ответ:
The description of the given scenario is explained below.
Step-by-step explanation:
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