Answer:
The monthly mortgage payment is $ 8306.58
Step-by-step explanation:
Given as :
The loan taken as $ 600,000
The rate of interest = 5.5 %
The time period = 30 Years
So, from compounded method
Amount = principal × ![(1 +\frac{Rate}{100})^{Time}](https://tex.z-dn.net/?f=%281%20%2B%5Cfrac%7BRate%7D%7B100%7D%29%5E%7BTime%7D)
or, Amount = $ 600,000 × ![(1 +\frac{5.5}{100})^{30}](https://tex.z-dn.net/?f=%281%20%2B%5Cfrac%7B5.5%7D%7B100%7D%29%5E%7B30%7D)
Or, Amount = $ 600,000 ×
∴ Amount = $ 2990370.77
<u>Now for The monthly mortgage payment </u>
∵ Time period is 30 years
So , 30 years = 12 × 30 = 360 months
∴ Amount payment in monthly =$ ![\frac{2990370.77}{360}](https://tex.z-dn.net/?f=%5Cfrac%7B2990370.77%7D%7B360%7D)
Or, Amount payment in monthly =$ 8306.58
Hence The monthly mortgage payment is $ 8306.58 Answer