5. What is the approximate monthly mortgage payment if the loan amount is $600,000,
the annual interest rate is 3%, and the loan duration is 30 years?

Respuesta :

[tex]~~~~~~~~~~~~ \textit{Amortized Loan Value} \\\\ pymt=P\left[ \cfrac{\frac{r}{n}}{1-\left( 1+ \frac{r}{n}\right)^{-nt}} \right]\implies pymt=P\left[ \cfrac{\frac{r}{n}}{1-\left(\frac{n}{n+r}\right)^{nt}} \right][/tex]

[tex]\begin{cases} P= \begin{array}{llll} \textit{original amount deposited}\\ \end{array}\dotfill & \begin{array}{llll} \$600000 \end{array}\\ pymt=\textit{periodic payments}\\ r=rate\to 3\%\to \frac{3}{100}\dotfill &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &30 \end{cases}[/tex]

[tex]pymt=600000\left[ \cfrac{\frac{0.03}{12}}{1-\left(\frac{12}{12+0.03}\right)^{12\cdot 30}} \right]\implies pymt=600000\left[\cfrac{0.0025}{1-\left( \frac{12}{12.03} \right)^{360}} \right] \\\\[-0.35em] ~\dotfill\\\\ ~\hfill pymt\approx 2529.62~\hfill[/tex]

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