Ainvestor obtained a loan of $600,000 to buy a car wash business. the monthly mortgage payment was based on 30 years at 5.5%. find the monthly mortgage payment.

The monthly mortgage payment is $ 8306.58

Step-by-step explanation:

Given as :

The loan taken as $ 600,000

The rate of interest = 5.5 %

The time period = 30 Years

So, from compounded method

Amount = principal ×

or, Amount = $ 600,000 ×

Or, Amount =  $ 600,000 ×

∴   Amount = $ 2990370.77

Now for The monthly mortgage payment

∵ Time period is 30 years

So , 30 years = 12 × 30 = 360 months

∴ Amount payment in monthly =$

Or, Amount payment in monthly =$ 8306.58

Hence The monthly mortgage payment is $ 8306.58   Answer

answer: no

step-by-step explanation:

you are only given the cost not the amount of pounds.