Question

You have just taken a 30-year mortgage loan for $200,000. The annual percentage rate on the loan is 8%, and payments will be made monthly. Estimate your monthly payments.

Estimate ??
The standard simple formula and a good calculator gives you the answer in less than a minute.

i = .08/12 = .006666...
n = 30(12) = 360

P( 1 - 1.00666..^-360)/.00666.. = 200000

P = $ 1467.53

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