Question 994102
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The payment, *[tex \Large PMT], on a fully amortized loan of *[tex \Large PV] at an annual interest rate of *[tex \Large r] (expressed as a decimal) compounded *[tex \Large n] times per year for *[tex \Large t] years is:


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ PMT\ =\ PV\left\[\frac{\frac{r}{n}\left(1\ +\ \frac{r}{n}\right)^{nt}}{\left(1\ +\ \frac{r}{n}\right)^{nt}\ -\ 1}\right\]]


You need the payment for a $240,000 loan and then figure the tax and insurance payments to add on.


John
*[tex \LARGE e^{i\pi}\ +\ 1\ =\ 0]
My calculator said it, I believe it, that settles it

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*[tex \LARGE \ \ \ \ \ \ \ \ \ \