Compute the face value of a 30-year fixed-rate mortgage with a monthly payment of $1,200, assuming a
Question:
Compute the face value of a 30-year fixed-rate mortgage with a monthly payment of $1,200, assuming a nominal interest rate of 6%. Compute the face value if the interest rate is now 7%. What is the difference in maximum house prices if both mortgages require 5% down?
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To compute the face value of a mortgage you can use the formula for the present value of an annuity ...View the full answer
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Rajendra Mohite
I graduated in Chemical Engineering in 2007 from Dr. Babasaheb Ambedkar Technological University, Lonere, India. During my graduation, I became very interested in research and development in chemical engineering. I hold PhD from Indian Institute of Technology Bombay, Mumbai. I completed Master’s degree (2009) in Chemical Plant Design from National Institute of Technology, Karnataka, Surathkal where my master project focused on “Membrane Contactor for Gas Separation” in Ceramic Technological Institute, Bharat Heavy Electrical Ltd., Bangalore.
My area of research is catalysis, product synthesis, water and wastewater treatment (Wet oxidation). I have hands on experience on various instrumental methods of analysis such as XRD, SEM, FTIR, BET, XPS, CHNSO, TGA. Other useful tool for process parameter optimization include response surface methodology. I have teaching experience at prestigious Birla Institute of Technology Pilani, Goa Campus in chemical engineering department. I also have research experience at the same institute on Ministry of Chemicals and Fertilizers sponsored project on “Life Cycle Assessment of Diammonium Phosphate (DAP) Fertilizer production”. Also, I have industrial exposure at Vinati organics (Petroechemical company), Nerolac Paints, Mangalore Refinery and Petrochemical Ltd.
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