$Monthly \; Payment\; =\; \frac{P \times \frac{r}{12}}{(1-(1+\frac{r}{12})^{-m})} \\ \\ Where:\\ P\; is\; Principal\\ r\; is\; rate\; in\; decimal\; form\\ m\; is\; number\; of\; monthly\; payments$

Applying the concept:

Given:

$P=\$224,500\\ r=4\%=0.04\\ m=30\; year \times 12 \; months/year=360\\$

Substituting the given in the formula we will get the monthly payment.

$Monthly\; Payment\; =\; \frac{224500 \times \frac{0.04}{12}}{(1-(1+\frac{0.04}{12})^{-360})} =\frac{\frac{8980}{12}}{(1-0.301796)} =\frac{748.3333}{0.698204} \\ \\ Monthly \; Payment= \$1071.7975$

Conclusion:

The monthly payment during the initial period is <u>$1072</u>.

3 0

4 years ago

Read 2 more answers

Someone help me with this question please I don’t know

ra1l [238]

The magic of the internet will help!

6 0

3 years ago

Newspaper Advertisement on Front Page

Crazy boy [7]

Answer:

D is right

Step-by-step explanation:

5 0

4 years ago

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Find the surface area and volume. Answer SA = ____, V= _______

Tomtit [17]

Answer:

SA = 251.33 yd ^2

V = 301.59 yd ^3

Step-by-step explanation:

Right cylinder 2π = 6.28318530718

Solve for surface area

A =2πrh+2πr2 = 24 x 2π + 2π x 16

A =150.796447372 + 100.530964915

A ≈251.33 yd^2

Right cylinder π = 3.14159265359

Solve for volume

V = πr2h = 16 x 6 = 96π

V = 3.14159265359 x 96

V = 301.592894745

V= 301.59 yd ^3

8 0

3 years ago