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WHAT WOULD BE THE MONTHLY PAYMENT ON $100,000 MORTGAGE AT A RATE OF 8 1/2 % for 20 years?

  • MATH -

    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.

  • MATH -

    i don't know

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