Use the formula or a calculator application to find the monthly payment on a home mortgage of $292.649 at 5.004% interest for 25 years.
2 answers
What is the monthly payment?
i = .05004/12 = .00417
n = 25(12) = 300
let the monthly payment be p
p(1 - 1.00417^-300 )/.00417 = 292649
the monthly payment is $ 1711.48
n = 25(12) = 300
let the monthly payment be p
p(1 - 1.00417^-300 )/.00417 = 292649
the monthly payment is $ 1711.48