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July 28, 2015

July 28, 2015

Posted by **keleb** on Thursday, January 10, 2008 at 5:59pm.

- math please explian -
**Reiny**, Thursday, January 10, 2008 at 7:02pmIf you are studying this topic you must have come across the formula which in this case would say

100000 = Payment(1-(1.00708333)^(-240))/.00708333

payment = $867.82

- math please explian -
**Ms. Sue**, Thursday, January 10, 2008 at 7:06pmSince the amount of interest will decline as the mortgage is gradually paid off, figuring the monthly payments is tedious.

Check this site to find the answer. Note that the numbers in your answer were correct, but the decimal point was in the wrong place.

http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=867.8232333655338&loanAmount=100000.00&nrOfYears=20&nrOfMonths=240&interestRate=8.50&startMonth=0&startDay=10&startYear=2008&monthlyPayment=867.82&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=0&oneAdditional=0&oneAdditionalMonth=0&oneAdditionalYear=2008&paidOffDate=Jan+10%2C+2028&submit.x=38&submit.y=8