![mathhelper22](/avatars/39269.jpg)
mathhelper22
31.01.2021 •
Mathematics
I need someone really good at math to help me please!! A home is purchased for $394,000 with a 14% down payment. Find the monthly payment if the mortgage has a 7.2% interest rate for 30 years.
Solved
Show answers
More tips
- H Health and Medicine Headache: A Comprehensive Guide to Treatment...
- G Goods and services Stock center - a modern way of optimizing logistics...
- F Food and Cooking How to Properly Wash a Down Jacket? Tips from Experts...
- C Computers and Internet Thin Client: What It Is and Why You Need It?...
- F Food and Cooking The Most Delicious and Simple Fish in Batter Recipe...
- F Food and Cooking Red Caviar: How to Choose the Best?...
- C Computers and Internet Clearing Cache: How to Speed Up Your Browser...
- S Style and Beauty How are artificial nails removed?...
- S Style and Beauty Secrets of Tying a Pareo: 5 Ways...
Answers on questions: Mathematics
- M Mathematics What is 1/4+ 3/6? i am confused a bit...
- M Mathematics Answer and show steps show steps show steps 10 points...
- M Mathematics Hi may i have on the first page of the packet that my teacher gave my teacher wanted me to work on this reply to my question...
- M Mathematics 5n +8=-7 two step equations - intergers...
- M Mathematics How to find degrees in triangle using trig?...
- M Mathematics Number 21 determine if line ab is tangent to the circle. justify your answer. correct answer will get brainliest....
- M Mathematics How do i find the area of the shaded region?...
- M Mathematics The equation shows the relationship between x and y: y = −5x + 8 what is the slope of the equation? -8 -5 3 8...
- M Mathematics The sum of two numbers is negative seven. the sum of twice the smaller number and seventy is six. find both numbers...
- M Mathematics Jesse collected 42 football cards and 28 basketball cards simpfly the ratio of baseball cards to football cards in his collection...
Ответ:
9514 1404 393
$2300.01
Step-by-step explanation:
The down payment is 14% of $394,000, so is ...
0.14 × $394,000 = $55,160
This means the principal amount of the loan is ...
$394,000 -55,160 = $338,840
__
The amount of the monthly loan payment is given by the amortization formula ...
A = P(r/12)/(1 -(1 +r/12)^(-12t))
where P is the principal amount, r is the annual interest rate, and t is the number of years. Filling in the values, we have ...
A = $338,840(0.072/12)/(1 -(1 +0.072/12)^(-12·30))
= $338,840(0.006)/(1 -(1.006^-360)) = $2300.01
The monthly payment is $2300.01.
Additional comment
Such calculations are commonly done using a spreadsheet, financial calculator, or app. If you're doing a number of financial calculations, it can be a good idea to obtain and learn to use an appropriate tool.
Ответ: