Mathematics, 05.07.2019 09:00 amaraea
Find the amount of a 10 year mortgage at 9.9% interest compounded monthly where the monthly payment is $448.21. the amount of the mortgage is $
Answers: 1
![\bf ~~~~~~~~~~~~ \textit{Amortized Loan Value} \\\\ pymt=P\left[ \cfrac{\frac{r}{n}}{1-\left( 1+ \frac{r}{n}\right)^{-nt}} \right]](/tpl/images/0053/5159/e1b49.png)
![\bf 448.21=P\left[ \cfrac{\frac{0.099}{12}}{1-\left( 1+ \frac{0.099}{12}\right)^{-12\cdot 10}} \right]\implies 448.21=P\left[ \cfrac{0.00825}{1-\left( 1.00825\right)^{-120}} \right] \\\\\\ 448.21\approx P \left[ \cfrac{0.00825}{0.6269111} \right]\implies 448.21\approx P(0.0131598) \\\\\\ \cfrac{448.21}{0.0131598}\approx P\implies 34059.02825 \approx P](/tpl/images/0053/5159/8b4e8.png)
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