Question

Charles and Cynthia are purchasing a house. They obtained a 30-year, $535,000 mortgage at an annual interest rate of 3.6% compounded
monthly.
Calculate their monthly payment on the loan. Round your answer to the nearest cent.
M
P
()(1 + 5)121
= (1 + £2) 12+ -
Their monthly payment will be $​

Answer 1

Answer:$4,369.17

Step-by-step explanation:

Compound interest (A)= P(1 + r/n)^not

A = compound interest

P = principal

r = rate

n = number of times the interest is compounded in a year

t = Time

From our data,

R = 3.6%

T =30 years

P = $535000

n= 12

A = 535000(1 + 0.036/12)^12*30

A= 535000*2.94

A= $1,572,900

In 30 years, we have (30*12) number of months = 360 months

To get the amount paid monthly, we divide the compound interest by the total number of months they'll repay the loan

Monthly payment = $1,572900/360 = $4,369.17

Answer 2

Answer:

$2432.35

Step-by-step explanation: Got it right on Plato