MATLAB: An Introduction with Applications, 6th Edition: An Introduction with Applications
MATLAB: An Introduction with Applications, 6th Edition: An Introduction with Applications
6th Edition
ISBN: 9781119385134
Author: Amos Gilat
Publisher: WILEY
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Chapter 1, Problem 27P

The monthly payment M of a mortgage P for n years with a fixed annual interest rate r can be calculated by the formula:

M = P r 12 1 + r 12 12 n 1 + r 12 12 n 1

Determine the monthly payment of a 30-year $450,000 mortgage with interest rate of 4.2% (r =0.042). Define the variables P, r, and n and then use them in the formula to calculate M.

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Chapter 1 Solutions

MATLAB: An Introduction with Applications, 6th Edition: An Introduction with Applications

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