Answer to Question #208809 in Finance for Syed Eassa

Question #208809

Suppose you take out a 30-year mortgage of $100,000 with a fixed interest rate of 5 percent. You must make 360 equal monthly payments. Write an equation that defines what the payment is?


1
Expert's answer
2021-06-21T12:19:30-0400

given,

p = $100,000

r = 5%

m = 12

n = 30

monthly payment equation:





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