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.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 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.
------------
P = 100,000[(0.06/12)/(1-(1+(0.06/12))^-(12*15))]
---
P = 100,000[0.005/(1-(1.005)^(-180))]
----
P = 100,000[0.005/0.5925]
------
P = 100,000*0.0084
----
P = $843.88
================
Cheers,
Stan H.
====================
|
|
|
