Answer:
Your answer would be 30a - year
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Monthly payment is the principal and interest payment for each year for $1000 financed. he payment of the mortgage is $4639.75
The period for which the mortgage offered is 30 years.
The rate for which the mortgage offered is 5 percent.
The interest on the loan is $5.37 for every $1000 financed.
Monthly payment is the principal and interest payment for each year for $1000 financed.
He has to pay for 30 years. As there is 12 month in one year. Therefore the total months in 30 years,
[tex]n=30\times12\\ n=360[/tex]
Thus the value of n is 360.
The formula for the principal amount can be given as,
[tex]P=a\times\dfrac{r}{n} [/tex]
Put the values
[tex]5.37=a\times \dfrac{0.41667}{360} \\ [/tex]
Solving it for the a
[tex]a=4639.75[/tex]
Thus the payment of the mortgage is $4639.75.
Learn more about the monthly payment here;
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