Consider a €100,000 mortgage borrowed for a period of 40 years.
How many years is half the oroiginal mortgage paid?
Interest rate = 4%
n = 40 years
re= .04 therefore r = .039 as
the problem i have is, P is meant to equal €413.50 but i just cant seem to get it to work out like that, the P formula is giving me minus answers and stuff.
By the way in the P formula it is 1+re to the power of 1/12 and the other 1+re is to the power of -n