Asked by Nan

What isrequired monthly payment for 30-years $100,000 mortgage at 12% APR.
What formula?
Answered by Reiny
i= .12/12 = .01
n = 12(30) = 360

Paym( 1 - 1.01^-360)/.01 = 100000
paym(97.218331..) = 100000
payment = $1028.61
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