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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 ×
or, Amount = $ 600,000 ×
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 =$
Or, Amount payment in monthly =$ 8306.58
Hence The monthly mortgage payment is $ 8306.58 Answer