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

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


   

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) About Me  (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