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(See attached formula)
Loan Principal = 104,000 - 24,000 = 80,000
rate = 8.5 / 1,200 = <span> <span> <span> 0.0070833333 </span> </span> </span>
time = 25 years = 300 months
Monthly Payment = <span> <span> 0.0070833333 </span> + </span><span> <span> [ 0.0070833333 / ((1</span></span><span>.0070833333)^300 -1)) ] *principal
</span>
Monthly Payment = <span>0.0070833333 + </span><span> [ 0.0070833333 / (</span><span> </span> <span> <span> <span> 8.3104129461 </span> </span> </span> -1)] * 80,000
Monthly Payment = 0.0070833333 + [ 0.0070833333 / ( 7.3104129461)] * 80,000
Monthly Payment = (0.0070833333 + <span> <span> <span> 0.00096893750767) * 80,000
</span></span></span>Monthly Payment = <span> <span> <span> 0.00805227080767 </span> </span> </span> * 80,000
Monthly Payment = <span> <span> <span> 644.18
Source:
http://www.1728.org/calcloan.htm
</span></span></span>
(See attached formula)
Loan Principal = 104,000 - 24,000 = 80,000
rate = 8.5 / 1,200 = <span> <span> <span> 0.0070833333 </span> </span> </span>
time = 25 years = 300 months
Monthly Payment = <span> <span> 0.0070833333 </span> + </span><span> <span> [ 0.0070833333 / ((1</span></span><span>.0070833333)^300 -1)) ] *principal
</span>
Monthly Payment = <span>0.0070833333 + </span><span> [ 0.0070833333 / (</span><span> </span> <span> <span> <span> 8.3104129461 </span> </span> </span> -1)] * 80,000
Monthly Payment = 0.0070833333 + [ 0.0070833333 / ( 7.3104129461)] * 80,000
Monthly Payment = (0.0070833333 + <span> <span> <span> 0.00096893750767) * 80,000
</span></span></span>Monthly Payment = <span> <span> <span> 0.00805227080767 </span> </span> </span> * 80,000
Monthly Payment = <span> <span> <span> 644.18
Source:
http://www.1728.org/calcloan.htm
</span></span></span>
Because this is a right angle triangle, we can use the Pythagorean theorem to find the missing leg.
The Pythagorean theorem is this:
The Pythagorean theorem tells us if you square both the legs then add them up together, you will get the length of the hypotenuse squared.
We know one leg is 24 and the hypotenuse is 26. Plug them into the equation.
24^2 + b^2 = 26^2
Solve for b.
24^2 + b^2 = 26^2
576 + b^2 = 26^2
576 + b^2 = 676
b^2 = 100
Take the square root of both sides.
b = 10
So, the other leg of the triangle is 10 units long.
The Pythagorean theorem is this:
The Pythagorean theorem tells us if you square both the legs then add them up together, you will get the length of the hypotenuse squared.
We know one leg is 24 and the hypotenuse is 26. Plug them into the equation.
24^2 + b^2 = 26^2
Solve for b.
24^2 + b^2 = 26^2
576 + b^2 = 26^2
576 + b^2 = 676
b^2 = 100
Take the square root of both sides.
b = 10
So, the other leg of the triangle is 10 units long.