WHAT WOULD BE THE MONTHLY PAYMENT ON $100,000 MORTGAGE AT A RATE OF 8 1/2 % for 20 years?
WHAT WOULD BE THE MONTHLY PAYMENT ON $100,000 MORTGAGE AT A RATE OF 8 1/2 % for 20 years?
R = Pi/[1 - (1+i)^-n]
P = $100,000
i = 8.5/100(12) = .007083
n = 20(12) = 240
I'll leave the easy part for you.