QQuestionBusiness Management
QuestionBusiness Management
"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"
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Answer
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Step 1I'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) = 0.05 (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
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