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Create a program that calculate the amount of a mortgage payment. Refer to the appropriate video...

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Advance Math

Create a program that calculate the amount of a mortgagepayment. Refer to the appropriate video or any online source forhow the mathematics of the calculation works. If given these threethings:

  • The amount of the loan in whole dollars
  • The number of payments (e.g. 360 for 30-year)
  • The interest rate per payment period in percent ( a positivefloating-point number)

The program should print out the correct value (in dollars andcents) of the per-period payment of principal and interest (ignoreescrow accounts, taxes, and insurance) for the followingscenarios:

  • 72 month loan of $20,000, 4.4% APR, compoundedmonthly
  • 30 year loan of $150,000, 5% APR, one annualpayment each year for 30 years

I am confused with the math behind finding the amount ofa mortgage payment. Please explain the calculations behind the twoabove given scenarios.

Answer & Explanation Solved by verified expert
4.5 Ratings (843 Votes)
1 Compute the monthly payment of loan of 20000 to be financed over 72 months at an interest rate of 44 compounded monthly According to given information principal is 20000 Rate of interest r 44    See Answer
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