Posted by Becky on .
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

Algebra 
Reiny,
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)