Asked by Russell
paying off 100,000 mortgage at 7.5% interest in 5 years! what are the monthly payments?
Answers
Answered by
Damon
pmt = Principal { r/[1 - (1+r)^-n ] }
r = interest per period = .075/12 = .00625
n = 12 * 5 = 60 periods
pmt = 10^5 {.00625/[1-(1.00625)^-60]}
= 10^5 (.0200379)
= $2,003.79
r = interest per period = .075/12 = .00625
n = 12 * 5 = 60 periods
pmt = 10^5 {.00625/[1-(1.00625)^-60]}
= 10^5 (.0200379)
= $2,003.79
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