The beginning of January 2006, a couple bought a $120,000 house with 10% down and a 30 year mortgage with an annual rate of 6.2%.
What are the monthly payments?
amount to mortgaged
= .9(120000)
= 108000
i = .062/12 = .0051666...
n = 30(12) = 360
P( 1 - 1.00516666..)^-360)/.0051666.. ) = 108000
you do the button-pushing
( hope you get 661.47 )