SOLUTION: How do I find the monthly payment on a 15-year mortgage of $100,000with an annual interest rate of 6%?

SOLUTION: How do I find the monthly payment on a 15-year mortgage of $100,000with an annual interest rate of 6%?

Algebra.Com

Question 464148: How do I find the monthly payment on a 15-year mortgage of $100,000with an annual interest rate of 6%?

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
R=(100000*0.005)/(1-(1+0.005)^-180)
R=500/(1-0.407482)
R=500/0.592518
R=843.86
RELATED QUESTIONS
using P=B[i/12 over 1-(1+i/12)^-n] In this equation, B is the amount borrowed, i is the... (answered by stanbon)

Lou purchases a home for $575,000. He makes a down payment of 15% and finances the... (answered by Boreal)

money questions get me lost....help! A 20 year fixed-rate mortgage with an annual... (answered by stanbon)

GIVEN: Monthly mortgage payment = 514.980676 We can calculate how much of a... (answered by ankor@dixie-net.com)

Suppose you take out a mortgage for $300000 at 6.5% interest per year compounded... (answered by Theo)

I need help with part A and B. 12. The Smiths are refinancing their home mortgage to... (answered by Theo)

Suppose you take out a mortgage for $550000 at 7.5% interest per year compounded... (answered by ikleyn,Theo)

The Martinezes are planning to refinance their home. The outstanding balance on their... (answered by Solver92311)

I have been really stuck on this problem for a while.... (answered by Theo)