math mortgages please check answer

The monthly payment on a$100,000 mortgage at a rate of 8 1/2 % for 20 years is 8678.23

I am not sure

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  1. Doesn't paying over $8,000 a month seem awfully high? Your figures are correct, but the decimal point is in the wrong place.

    Check this site for the answer.

    http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=867.8232333655338&loanAmount=100000.00&nrOfYears=20&nrOfMonths=240&interestRate=8.50&startMonth=0&startDay=8&startYear=2008&monthlyPayment=867.82&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=0&oneAdditional=0&oneAdditionalMonth=0&oneAdditionalYear=2008&paidOffDate=Jan+8%2C+2028&submit.x=27&submit.y=2

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    Ms. Sue
  2. The monthly payment on a$100,000 mortgage at a rate of 8 1/2 % for 20 years is 8678.23

    I am not sure

    P = $100,000
    i = 8.5/(100x12)
    n = 240
    R = Pi/[1 - (1 + i)^-n] = $867.82

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