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melisa1 [442]
3 years ago
13

Alice purchased a house using a fixed rate mortgage. The annual interest rate is 5.6% compounded monthly for 30 years. The mortg

age amount is $205,000. what is the monthly payment on the mortgage?
Mathematics
1 answer:
zhuklara [117]3 years ago
5 0
Hi there
The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
So we need to find the monthly payment pmt
Pmt=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value 205000
R interest rate 0.056
K compounded monthly 12
N time 30

PMT=205,000÷((1−(1+0.056÷12)^(
−12×30))÷(0.056÷12))
=1,176.86...answer

Hope it helps
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Answer:

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Step-by-step explanation:

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<h3>Riemann sum</h3>

When the interval [0, 4] is divided into four equal parts, each has unit width. That means the area of the rectangle defined by the curve and the interval width will be equal to the value of the curve at the left end of the interval.

The area we want is the sum ...

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As the attachment shows, that sum is ...

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<em>Additional comment</em>

The table values in the attachment are rounded to 7 decimal places. Trailing zeros are not shown. Actual values used have 12 significant digits, as the total shows.

Such a sum is called a Riemann sum, named for a German mathematician. Four such sums are commonly used, and further refinements are possible. Those are the left sum (as here), the right sum, the midpoint sum, and a sum using a trapezoidal approximation of the rectangle area.

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