math mortgages

What is the best way to find out the montly payment on a $100,000 mortgage at a rate of 8 1/2% for 20 years

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  1. You might try this site.

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

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    Ms. Sue
  2. Please use the site Ms. Sue gave you. There is a formula which I will give below but I am sure you are not expected to use it.

    monthly payment = amount of loan *[ r/{ 1- (1-r)^-n}

    n is the number of payments, 20*12 = 240
    r is the yearly interest rate /12 = .085/12 = .007083333

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