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Lynna [10]
3 years ago
14

Which formula should be used to correctly calculate the monthly mortgage payment?

Social Studies
2 answers:
Reil [10]3 years ago
7 0

In the standardized calculations used in the United States, c is given by the formula: For example, for a home loan of $200,000 with a fixed yearly interest rate of 6.5% for 30 years, the principal is , the monthly interest rate is , the number of monthly payments is , the fixed monthly payment equals $1,264.14.

grigory [225]3 years ago
5 0

You could use the compound interest formula?

New amount = old amount x multiplier^number of years

However you'd have to convert the months into years- for example 3 months is 0.4 years

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