I just can't seem to calculate this on my calculator:
find the monthly payment necessary to amortize a $75,000 mortage at 9.5% annual interest for 15 years. This is how I calculated it:
75,000(.095/12)(1+.095/12)^(180) divided by (1+.095/12)^(180)-1
I am not getting the right answer which I know is 783.17
Could it be my calculator?