In one of my assignments, we had to figure out monthly mortgage payments.
I used a calculator because I do know know how to show the work.
The question was getting a 30year mortgage@ 100,000 with a 6.5% rate. What would be monthly payment. Answer is $632.07
Next question is using a 7.125% interest rate, answer is $673.72
Next question is a 15 yr loan, at 6.125%
My text book does not show a formula but i went online and found one but dont know how to figure it out Im pasting it below. THANKYOU