math mortgages please check answer
posted by keleb .
The monthly payment on a$100,000 mortgage at a rate of 8 1/2 % for 20 years is 8678.23
I am not sure

Doesn't paying over $8,000 a month seem awfully high? Your figures are correct, but the decimal point is in the wrong place.
Check this site for the answer.
http://www.bankrate.com/brm/mortgagecalculator.asp?unroundedPayment=867.8232333655338&loanAmount=100000.00&nrOfYears=20&nrOfMonths=240&interestRate=8.50&startMonth=0&startDay=8&startYear=2008&monthlyPayment=867.82&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=0&oneAdditional=0&oneAdditionalMonth=0&oneAdditionalYear=2008&paidOffDate=Jan+8%2C+2028&submit.x=27&submit.y=2 
The monthly payment on a$100,000 mortgage at a rate of 8 1/2 % for 20 years is 8678.23
I am not sure
P = $100,000
i = 8.5/(100x12)
n = 240
R = Pi/[1  (1 + i)^n] = $867.82