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Sagot :
Brian Burkhardt's monthly payments for this mortgage would be equal to $1,423.92.
How to calculate monthly payment?
Mathematically, the monthly payment for a mortgage can be calculated by using this formula:
[tex]M=P(\frac{r}{1-(1+r)^{-nt}} )[/tex]
Where:
- P is the principal.
- r is the interest rate.
- M is the monthly payment.
- t is the time in years.
- n is the number of times it's compounded.
Note: r = 4.10 = 0.041/12 = 0.0034
Substituting the given parameters into the formula, we have;
[tex]M=291400(\frac{0.0034}{1-(1+0.0034)^{-12\times 30}} )\\\\M=291400(\frac{0.0034}{1-0.3402} )\\\\M=291400(\frac{0.0034}{0.6598} )\\\\M=291400 \times 0.004887[/tex]
M = $1,423.92.
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