# math

i am tryin to find the monthly payments on a loan of \$250000 with an interest rate of 6% on a 30 year mortgage

1. 👍 0
2. 👎 0
3. 👁 30
1. i = .06/12 = .005
n = 360
let the payment be P

P ( 1 - 1.005^-360)/.005 = 250000
...
P = 1498.88

1. 👍 0
2. 👎 0
posted by Reiny

## Similar Questions

1. ### Math

The monthly loan payment was calculated at 119 payments of \$348.33 plus a final payment of \$347.54. Loan Balance: \$30,000.00 Loan Interest Rate: 7.00% Monthly Loan Payment: \$348.33 Number of Payments: 120 Cumulative Payments:

asked by Layla on December 13, 2015
2. ### mathematics

The monthly loan payment was calculated at 119 payments of \$330.38 plus a final payment of \$329.73 Loan balance: \$25,000.00 Loan interest rate 10.0% Monthly loan payment: \$330.38 Number of payments: 120 Cumulative Payments:

asked by Ashlie on January 26, 2010
3. ### Math

1. Rishi ram obtained an installment loan for \$3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is \$516.50. What is the APR? MY ANSWER=0.33% 2. Tim Newman took out a simple interest loan of \$1500

asked by kk on March 24, 2015
4. ### Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
5. ### Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
6. ### Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
7. ### Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
8. ### math

You purchase a hot tub costing \$4,600 by taking out a 13% add-on interest installment loan. The loan requires a 15% down payment and equal monthly payments for 4 years. How much are your monthly payments?

asked by sara on March 13, 2018
9. ### Amoritizing Loans

"A woman borrows \$6000 at 9% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs to known the amount of interest paid during each year of the loan. Find the interest

asked by Norah on September 25, 2011
10. ### math

A \$400 loan is to be paid off in 66 monthly payments of \$11.62. The borrower decides to pay off the loan after 18 payments. Use the rule of 78s to find the amount of interest saved. (Points : 1) \$194.13

asked by CC on June 9, 2011

More Similar Questions