math please explian

Please explian I keep messing up 100,000 mortgage at a rate of 8 1/2 for 20 years has a monthly payment of what I am readyto throw this paper out the window

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  1. If you are studying this topic you must have come across the formula which in this case would say

    100000 = Payment(1-(1.00708333)^(-240))/.00708333

    payment = $867.82

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  2. Since the amount of interest will decline as the mortgage is gradually paid off, figuring the monthly payments is tedious.

    Check this site to find the answer. Note that the numbers in your answer were correct, but the decimal point was in the wrong place.

    http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=867.8232333655338&loanAmount=100000.00&nrOfYears=20&nrOfMonths=240&interestRate=8.50&startMonth=0&startDay=10&startYear=2008&monthlyPayment=867.82&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=0&oneAdditional=0&oneAdditionalMonth=0&oneAdditionalYear=2008&paidOffDate=Jan+10%2C+2028&submit.x=38&submit.y=8

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    Ms. Sue

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