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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

Mortgage What is the monthly payment on a 30 - y e a r mortgage of $ 100 , 000 at 8 % interest per year, compounded monthly? What is the total amount paid on this loan over the 30 - y e a r period?

To determine

To find:

The monthly payment on a 30-year mortgage of $100,000 at 8% interest per year, compounded monthly and the total amount paid on this loan over the 30-year period.

Explanation

Given:

The interest rate per year is given by,

i=8%

Amount of loan is Ap=$100,000.

Period of payment is 30 years.

Approach:

If a loan Ap is to be repaid in n regular equal payments with interest rate i per time period, then the size R of each payment is given by,

R=iAp1(1+i)n...(1)

The total amount paid on the loan is calculated as,

Amount of a monthly payment × total number of monthly payments.

Calculation:

For calculating monthly payments,

The number of regular equal payments is given by,

n=30×12=360

The interest rate is given by,

i=0.0812=0

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Chapter 13 Solutions

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