Calculate the monthly mortgage payment with the following conditions: $230,000 borrowed, 6.35% interest, 30 year term.

Monthly installment = $1,431.20

Explanation:

Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.  

The monthly equal installment is calculated as follows:  

Monthly equal installment= Loan amount/Monthly annuity factor  

Loan amount = 230,000

Monthly annuity factor =  =( 1-(1+r)^(-n))/r  

r- Monthly interest rate (r)  = 6.35%/12= 0.529%  

n- Number of months ( n) = 30 × 12= 360

Annuity factor   = ( 1- (1.00529)^(-360)/0.00529=

Monthly installment= 230,000 /160.704

Monthly installment = $1,431.20

2,283,000

explanation:

i just had to add it

answer; /// the use of a bank credit card to make purchase;