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Homework Help: Math

Posted by Misty on Monday, October 22, 2012 at 10:52pm.

$175,000 loan with 6% fixed apr over 15 years. How much would the payment be?

• Math - Steve, Tuesday, October 23, 2012 at 5:04am

  assuming monthly payments,
  
  M = Pr/(1 - 1/(1+r)^n)
  = 175000*.005/(1-1/(1.005)^(15*12))
  = 1476.75
  

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