"Question: How much would the monthly payment be on a $400,000, 5% APR, 30 year mortgage? OA. $1,666.67 OB. $2,147.29 OC. $1,717.83 O D. $14,211.75 átv arch Verify Site Safety for Chrome 1 I Y T G MacBook Pro 6 I 7 N 8 Time Remaining: 01:19:49 M W K 14 Aut I O Ne : Next How much would the monthly payment be on a $400,000, 5% APR, 30 year mortgage? OA. $1,666.67 OB. $2,147.29 OC. $1,717.83 O D. $14,211.75 átv arch Verify Site Safety for Chrome 1 I Y T G MacBook Pro 6 I 7 N 8"
16 days agoReport content

Answer

Full Solution Locked

Sign in to view the complete step-by-step solution and unlock all study resources.

Step 1
I'll solve this mortgage payment problem step by step using the standard mortgage payment formula.

Step 2
: Identify the Mortgage Parameters

- Total Number of Monthly Payments = $$30 \times 12 = 360
- Annual Interest Rate (r) =
0.050.05
(5%)

Final Answer

Key Insights: - This calculation includes both principal and interest - The payment remains constant over the 30 -year term - Early payments have more interest, later payments have more principal

Need Help with Homework?

Stuck on a difficult problem? We've got you covered:

  • Post your question or upload an image
  • Get instant step-by-step solutions
  • Learn from our AI and community of students

Related Questions

Business Management

3 days ago

Examples of Domestic Businesses in the United States.

·
View Answer

Business Management

3 days ago

what kind you hardware components does a certified public accountant need

·
View Answer

Business Management

3 days ago

What are examples of personal mission statement for executive assistant?

·
View Answer

Business Management

3 days ago

Check-in, Incident Action Planning, Personal Responsibility, and Resource Tracking are all necessary to ensure: A. Redundancy B. Flexibility C. Sustainability D. Accountability

·
View Answer

Business Management

5 days ago

Which of the following demonstrates a leader's commitment to duty? A. Allowing subordinates to fail before stepping in to provide guidance. B. Stepping out of a tactical role to assume a leadership role when needed. Developing subordinates for the future. Ensuring tasks are understood. C. Providing unclear direction to determine a subordinates ability to work on their own. D. Management by Objectives

·
View Answer

Business Management

5 days ago

"Which of the following BEST describes a code of ethics? Answer The fundamental truths or rules that undergird your personal value Your personal adherence to your own values and principles A set of rules or standards you adopt that dictate how you act Laws that regulate how computers are used Ideals that guide your actions as you work with computers"

·
View Answer