Question

The bank is willing loan you money to purchase a home at 1% interest, compounded monthly. If you would like to buy a $300000 house, hwo much would your payments be each month be if you take out a:
10 year mortgage:
20 year mortgage:
30 year mortgage:

Please help!

Answer 1

i already answered this?

Answer 2

Oh I must not have seen it, I'm sorry!

Answer 3

I just saw your answer and it actually appears to be incorrect on my homework site.? I really appreciate your help

Answer 4

erm have you been given the answers? if so write them here so i can try and see what i did wrong

Answer 5

Unfortunately not! We simply plug the answer into the computer and see if it's correct. They give us a limited amount of tries. I thought your way was correct, too!

Answer 6

hmmmm let me post this answer for you and see if anyone can answer it

Answer 7

Thank you! :) You are so nice!

Answer 8

Would you have any idea how to do this problem?
Suppose a particular bank gives 5% interest on its savings accounts, compounded monthly. If one opens a savings account and deposits $ 200 each month for a total of 12 years, how much money will be in the account after the last deposit is made?

Answer 9

looks like im not familliar with the method of working out compound interest this should help you

http://en.wikipedia.org/wiki/Compound_interest#Compound

Answer 10

Not a problem! No One seems to know! :)
Thank you! If you get any luck on the other problem that would be great! Thank you!!

Answer 11

http://en.wikipedia.org/wiki/Compound_interest#Monthly_mortgage_payments

i am going to sleep now but will work on this tomorrow its a very long method to do right now

Answer 12

Not a problem, I really appreciate your help!!! :)