Question
$175,000 loan with 6% fixed apr over 15 years. How much would the payment be?
Answers
Steve
assuming monthly payments,
M = Pr/(1 - 1/(1+r)^n)
= 175000*.005/(1-1/(1.005)^(15*12))
= 1476.75
M = Pr/(1 - 1/(1+r)^n)
= 175000*.005/(1-1/(1.005)^(15*12))
= 1476.75