Asked by keleb
What is the best way to find out the montly payment on a $100,000 mortgage at a rate of 8 1/2% for 20 years
Answers
Answered by
Ms. Sue
You might try this site.
http://www.bankrate.com/brm/mortgage-calculator.asp
http://www.bankrate.com/brm/mortgage-calculator.asp
Answered by
Damon
Please use the site Ms. Sue gave you. There is a formula which I will give below but I am sure you are not expected to use it.
monthly payment = amount of loan *[ r/{ 1- (1-r)^-n}
n is the number of payments, 20*12 = 240
r is the yearly interest rate /12 = .085/12 = .007083333
monthly payment = amount of loan *[ r/{ 1- (1-r)^-n}
n is the number of payments, 20*12 = 240
r is the yearly interest rate /12 = .085/12 = .007083333
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