Asked Nov 2, 2019

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


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


Mortgage amount = $233,000

Interest rate = 5% per year

Term = 30 years

Step 3


The mortgage payment can be calc...


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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


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