Question 1131820
M =P[r(1+r)^n]/[((1+r)^n)−1]
These variables represent the following inputs:
.
    M is your monthly payment.
    P is your principal, 140,000
    r is your monthly interest rate, calculated by dividing your annual interest rate by 12, 0.095/12 = 0.00791
    n is your number of payments (the number of months you will be paying the loan), in this problem first solve for 20 years = 240 and 30 years 360
Here is a picture of the formula you may find easier to follow:
*[illustration mortgage.JPG]