Answer:
The monthly mortgage payment is $ 8306.58
Step-by-step explanation:
Given as :
The loan taken as $ 600,000
The rate of interest = 5.5 %
The time period = 30 Years
So, from compounded method
Amount = principal × [tex](1 +\frac{Rate}{100})^{Time}[/tex]
or, Amount = $ 600,000 × [tex](1 +\frac{5.5}{100})^{30}[/tex]
Or, Amount = $ 600,000 × [tex](1.055)^{30}[/tex]
∴ Amount = $ 2990370.77
Now for The monthly mortgage payment
∵ Time period is 30 years
So , 30 years = 12 × 30 = 360 months
∴ Amount payment in monthly =$ [tex]\frac{2990370.77}{360}[/tex]
Or, Amount payment in monthly =$ 8306.58
Hence The monthly mortgage payment is $ 8306.58 Answer
