Question
Asked Nov 2, 2019
1 views

Calculate Jaime's mortgage payment  using the 5% rate for 30 years on a mortgage balance of $233,000

check_circle

Expert Answer

Step 1

The mortgage payment is the liability of the borrower which is needed to be paid within the pre-specified term.

Step 2

Given:

Mortgage amount = $233,000

Interest rate = 5% per year

Term = 30 years

Step 3

Calculations:

The mortgage payment can be calc...

help_outline

Image Transcriptionclose

i(1+) Mortgage payment =Mortgage amount (1+)"- 360 0.00416 (1.00416) - $233,000 360 (1.00416) 0.01854 = $233,000 3.4667 = $1,246.09

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Finance

Mortgages

Related Finance Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: The Brandon household has monthly income of %5,630 on which to base their budget. They plan to save ...

A: Monthly budget is calculated on the base income of $5,630According to the information provided.Month...

question_answer

Q: Need help with fuel savings for both car and truck

A: Calculation of number of gallons consumed for one year before upgradation:

question_answer

Q: Please show all equations and work as needed. Make the correct answer clear. If possible, please typ...

A: The computation of total number of shares after raising venture capital fund is as follows:As par th...

question_answer

Q: 7. Factors that impact the yield curve Aa Aa There are three factors that can affect the shape of th...

A: Answer 1:“Upward-sloping yield curve”Justification: Since the real risk-free rate and the inflation ...

question_answer

Q: You are a management trainee in one of the Manufacturing companies based in Johor, Malaysia. The com...

A: As a management trainee, the answer for the CFO question will be that it is not easy to identify a d...

question_answer

Q: If an investor wanted to grow a continuously compounded investment of $1000 to $1250 in 3 years, wha...

A: Computation of rate of interest:

question_answer

Q: Microhard has issued a bond with the following characteristics: Par: $1,000Time to maturity: 5 years...

A: Calculate the prices of the bond as follows:MS-Excel --> Formulas --> Financials --> PV

question_answer

Q: Atlantic Corporation is the largest logging company in the north eastern part of the United States. ...

A: Dividend can be described as the amount received by shareholders from the company periodically.It is...

question_answer

Q: Please show all equations and work as needed. Make the correct answer clear. If possible, please typ...

A: Calculation of WACC of firm after leverage (effective after-tax):Answer:WACC after leverage is 15.95...