Question 394774: Find the monthly mortgage payment for a mortgage of $93,000 at 7.75% per annum, amortized over 20 years. Answer by ewatrrr(24785) (Show Source):
Hi
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]
i = .0775/12 = .006458 (1 + i)n = (1.006458)^240 = 4.6877
M = 93000*.006458*4.6877/3.6877
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