A $130,000 home bought with a 20% down payment and the balance financed for 30 years at 7.5% Find the monthly payment for the loan

Answer 1

remaining mortgage = 13000(.8) = 104000

monthly rate = i = .075/12 = .00625
let the monthly payment be P

P( 1 - 1.00625^-360)/.00625 = 104000

you do the button pushing ($727.18)