Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. anne took a $778,000 mortgage. the 30-year mortgag

Anne took a $778,000 mortgage. The 30-year mortgage has a 3.25% nominal annual interest rate,...

80.2K

Verified Solution

Question

Basic Math

image

Anne took a $778,000 mortgage. The 30-year mortgage has a 3.25% nominal annual interest rate, but it calls for monthly payments beginning one month later. (Hint: Be careful that it is a "monthly" payment. Therefore, the total number of payments is not equal to the year of Anne's mortgage, but the total number of monthly payments for Anne's 30-year mortgage, that is 12 x 30. Moreover, the monthly rate instead of the annual rate should be used. You can easily get the monthly rate by the nominal annual rate given using the the content discussed in Ch5 Part II, that is, monthly rate = nominal annual rate/12.) What is the dollar amount of each payment Anne pays? $3,385.91 $2,161.11 $25,285.25 $40,986.38

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Beech Corporation is a merchandising company that is preparing amaster budget for the third...

Chemistry
1.2K views

A 5.00 g sample of H2O is removed from a freezer and heated from an initial...

Psychology
1.2K views

Dr. Franklin designed a treatment for panic attacks and tried it with all of her clients...

General Management
1.2K views

Watch 3 commercials. Identify the organizational pattern, reasoning and appeals used. P/s: Any commercials

Biology
1.2K views

extra credit we want to find out if our bacteria can ferment mannitol into acid...

Basic Math
1.2K views

Next Problem 1 point The equation of the line that goes through the point 1...

Basic Math
1.2K views

Which value of r indicates a stronger correlation: r=0.837 or r= -0.921? Explain your reasoning.Choose...

Statistics
1.2K views

As long as the sampling method is unbiased the population parameter QUESTION 2 will und...

Calculus
1.2K views

Using the properties of combinations of continuous functions determine the interval s over which the...

Accounting
1.2K views

Use the following information to answer questions 1 - 5. The Stockholder's Equity accounts of...

Accounting
1.2K views

Bargo manufacturers is considering the acquisition of a new machine. The machine has a purchase...

Accounting
1.2K views

Zenith Company's Merchandise Inventory account at year-end has a balance of $91,820, but a physical...