Question

HELP needs to be handed in at 3:30

Answer 1

Answer:

$2322.59

Step-by-step explanation:

Given

mortgage amount=$470,000

Interest rate annually=4.6%

Time=30 years

Monthly payments=?

Formula to apply

$M=\frac{P(1+r)^n*r}{(1+r)^n-1}$

where

M=monthly payment for the mortgage

P=Principal amount =$470,000

i=rate per month=4.6÷12=0.3833%

n=30×12=360

Applying the formula

$M=\frac{P(1+r)^n*r}{(1+r)^n-1} \\\\\\M=\frac{470000(1+0.004)^{360}*0.004 }{(1+0.004)^{360} -1} \\\\\\M=\frac{7452.235}{3.209} =2322.59$