Answer:
$2322.59
Step-by-step explanation:
Given
mortgage amount=$470,000
Interest rate annually=4.6%
Time=30 years
Monthly payments=?
Formula to apply
[tex]M=\frac{P(1+r)^n*r}{(1+r)^n-1}[/tex]
where
M=monthly payment for the mortgage
P=Principal amount =$470,000
i=rate per month=4.6÷12=0.3833%
n=30×12=360
Applying the formula
[tex]M=\frac{P(1+r)^n*r}{(1+r)^n-1} \\\\\\M=\frac{470000(1+0.004)^{360}*0.004 }{(1+0.004)^{360} -1} \\\\\\M=\frac{7452.235}{3.209} =2322.59[/tex]
