Math

please tell me what to do to get the answer thanks :)

The monthly payment on a $90,000 mortage at a rate of 7.5% for 30 years

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  1. There's probably a formula for this calculation, but I don't know it. However, this site will figure it for you.

    http://www.bankrate.com/brm/mortgage-calculator.asp

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    Ms. Sue
  2. please tell me what to do to get the answer thanks :)

    The monthly payment on a $90,000 mortage at a rate of 7.5% for 30 years

    R = Pi/1 - (1 + i)^-n] where R = the monthly payment, P the ampunt borrowed, i = the periodic decimal interest rate and n = the number of interest bearing periods.

    Therefore, P = 90,000(.00625)/[1 - (1.00625)^-360] = $629.29.

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  3. Thanks, Tchrwill.

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    Ms. Sue

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