document.write( "Question 464213: using P=B[i/12 over 1-(1+i/12)^-n] In this equation, B is the amount borrowed, i is the annual interest rate as a decimal, and n is the number of months to repay the loan. Find the monthly payment on a 15-year mortgage of $100,000with an annual interest rate of 6%. Please show me the steps used to get this answer.\r
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Algebra.Com's Answer #317982 by stanbon(75887)\"\" \"About 
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using P=B[i/12 over 1-(1+i/12)^-n] In this equation, B is the amount borrowed, i is the annual interest rate as a decimal, and n is the number of months to repay the loan. Find the monthly payment on a 15-year mortgage of $100,000with an annual interest rate of 6%. Please show me the steps used to get this answer. \r
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\n" ); document.write( "P = 100,000[(0.06/12)/(1-(1+(0.06/12))^-(12*15))]
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\n" ); document.write( "P = 100,000[0.005/(1-(1.005)^(-180))]
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\n" ); document.write( "P = 100,000[0.005/0.5925]
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\n" ); document.write( "P = 100,000*0.0084
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\n" ); document.write( "P = $843.88
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.
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