# Finance

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You are considering borrowing \$150,000 to purchase a new
home.
a. Calculate the monthly payment needed to amortize an 8
percent fixed-rate 30-year mortgage loan.
b. Calculate the monthly amortization payment if the loan in (a)
was for 15 years.

• Finance -

http://www.mortgagecalculator.org/

pmt = principal [ r/ {1 - (1+r)^-n} ]

here
principal = 150,000
r = interest rate / month = .08/12 =.006666666
n = 12 * 30 = 360 months

I get
1100.65 per month
that calculator link also says 1100.65

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