Results 1 to 2 of 2

Math Help - PLEASE Help!!!

  1. #1
    Newbie
    Joined
    Apr 2008
    Posts
    1

    PLEASE Help!!!

    Calculate monthly mortgage payment
    A=monthly mortgage payment
    P=amount borrowed
    r=annual interest rate(decimal)
    n=the total number of monthly payments

    5.5% interest
    30 year mortgage
    $100,000 amount borrowed

    P=100,000
    r=5.5
    n=360

    P(1+r/12)n x r/12
    ----------------- =A
    (1+r/12)n -1
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Member
    Joined
    Mar 2008
    Posts
    128
    Quote Originally Posted by SAK1231 View Post
    Calculate monthly mortgage payment
    A=monthly mortgage payment
    P=amount borrowed
    r=annual interest rate(decimal)
    n=the total number of monthly payments

    5.5% interest
    30 year mortgage
    $100,000 amount borrowed

    P=100,000
    r=5.5
    n=360

    P(1+r/12)n x r/12
    ----------------- =A
    (1+r/12)n -1
    If you are not coming up with the right answer it's because r must be in decimal form. As a percent, numbers are automatically multiplied by 100 to obtain the percentage. Example: 3/4=.75=75%. Therefore, 5.5% is actually equal to .055.
    Follow Math Help Forum on Facebook and Google+


/mathhelpforum @mathhelpforum