Respuesta :
Answer:
[tex] M = 90000 (\frac{0.0075 (1+0.0075)^{360}}{(1+0.0075)^{360} -1})[/tex]
[tex] M = 724.16[/tex]
So on this case the reasonable value for the 30 year mortgage monthly payment would be 724.16
See explanation below.
Explanation:
For this case we can use the fomrula for the amortized mortgage payment given by:
[tex] M = P (\frac{i (1+i)^n}{(1+i)^n -1})[/tex]
Where:
M represent the monthly payment
P=90000 represent the mortage principal
I = represent the monthly interest, on this case i = 0.09/12= 0.0075. Because is not appropiate use i =0.09 for this case since we got a value of 8100 for the PMT (monthly payment), and this value not makes sense at all.
n = 12*30 =360 represent the number of periods or months on this case
As we can see we have everything in order to replace, so we have this:
[tex] M = 90000 (\frac{0.0075 (1+0.0075)^{360}}{(1+0.0075)^{360} -1})[/tex]
[tex] M = 724.16[/tex]
So on this case the reasonable value for the 30 year mortgage monthly payment would be 724.16
