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2 answers:
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Answer:
Monthly Repayment on Loan = $2634.06
Explanation:
given data
principal = $552,000
annual interest rate = 4% = 0.333% monthly
solution
for get here fair value monthly mortgage payment we consider here time period is 30 year = 360 months
so now we apply here Monthly Repayment on Loan formula that is
Monthly Repayment on Loan = principal × .................1
put here value and we get
Monthly Repayment on Loan = 552000 ×
Monthly Repayment on Loan = $2634.06