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- Apr 29th 2008, 05:54 PM #1

- 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

- Apr 29th 2008, 06:31 PM #2

- Joined
- Mar 2008
- Posts
- 128