Answered

ALGEBRA Farha Gadhia has applied for a $100,000 mortgage loanat an annual interest rate of 6%. The loan is for a period of 30 yearsand will be paid in equal monthly payments that include interest.Use the monthly payment formula to find the payment



Answer :

Mortgage loan= P = $100,000

Rate= r = 6% and the rate interest is

[tex]r=\frac{6}{100}=0.06[/tex]

For a period of 30 years, i.e

[tex]n=12\times30=360\text{ months}[/tex]

The formula to find monthly mortgage payment is

[tex]undefined[/tex]

Other Questions