What is the required monthly payment on a $350,000 mortgage? Assume a standard mortgage (360 months) with monthly payments. Use a nominal rate of 6.90%.

EMI = $2,305

Explanation:

We can calculate Monthly payment on a $350,000 mortgage by using following formula of equated monthly installments. You just need to collect the data to input in the formula for further calculation.

Data

Principal amount = $350,000

Rate = 6.90% = 6.90%/12months = 0.00575

number pf periods = 360 months

Formula

EMI = []

P = Principal amount

R = Rate

n = number pf periods

Solution

EMI =

EMI = $2,305

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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odd consecutive integers are odd integers that follow each other. they have a difference of 2 between every two numbers. if n is an odd integer, then n, n+2, n+4 and n+6 will be odd consecutive integers. the first number in the pattern is always the variable on its own or in this case, "n". examples.