Calculate the monthly payment for a $60,000 mortgage at 11% interest rate for 30 years. Use EOM (end of month).
a. Less than $540.00
b. Between $540.00 and $550.00
c. Between $550.01 and $560.00
d. Between $560.01 and $570.00
e. More than $570.00
I must find this answer to answer 15 others and can not seem to get the right calculation. Thanks
It’s simple all you have to do is this equation:
Interest= Principal*Rate*Time
or I=prt
I=60,000*0.11*30
I=198,000
So if they pay back the original principal and interest:
A=P+I
A= 258,000
over 30 years:
12 months in one year.
12*30= 360
^Thats your total amount of months.
divide the amount by the months:
A/M
258,000/360=
$716.666667 per month
So that would be:
E. More than $570.00
-.- ehh sorry Im lazy and I hate percents LOL
References :
It’s simple all you have to do is this equation:
Interest= Principal*Rate*Time
or I=prt
I=60,000*0.11*30
I=198,000
So if they pay back the original principal and interest:
A=P+I
A= 258,000
over 30 years:
12 months in one year.
12*30= 360
^Thats your total amount of months.
divide the amount by the months:
A/M
258,000/360=
$716.666667 per month
So that would be:
E. More than $570.00
References :