You borrow 125,000 for 25 years at an APR of 6.5%. What will be your monthly payment?

1 answer:

8 0

$\bf \qquad \qquad \textit{Amortized Loan Value}
\\\\
pymt=P\left[ \cfrac{\frac{r}{n}}{1-\left( 1+ \frac{r}{n}\right)^{-nt}} \right]
\\\\\\\\
\qquad 
\begin{cases}
P=
\begin{array}{llll}
\textit{original amount}\\
\end{array}\to &
\begin{array}{llll}
125000
\end{array}\\
pymt=\textit{periodic payments}\\
r=rate\to 6.5\%\to \frac{6.5}{100}\to &0.065\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{APR, meaning once}
\end{array}\to &1\\

t=years\to &25
\end{cases}$

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Step-by-step explanation:

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