Asked by kuku

find the montly payment needed to amortize principal and interest for a 130000 fixed rate mortgage with a 10.5% rate and a 30 year term
Answered by Steve
just plug those numbers into your amortization formula.
Answered by Reiny
i = .105/12 = .00875
n = 12(30) = 360

payment ( 1 - 1.00875^-360)/.00875 = 130000
payment = $1189.16
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