Hello all, need some help on a problem. Hoping somone can lend a hand.
Brandi Just bought a house for 249,500.00. She paid 25,000.00 down and took a 30 year mortgage on the balance. The bank is charging her 7.25% interest. What will be her monthly payment on the mortgage?
Am I right in using...
P(1+r/n)^nt = R((1+r/n)^nt divided by r/n)?
If so... im clueless as to where to plug anything in.
Any assistance will be a awesome.