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 March 19th, 2011, 09:17 AM #1 Newbie   Joined: Mar 2011 Posts: 2 Thanks: 0 Mortgage Payment Mortgage Amount: 180,000 15-yr mortgage at 6.5% 30-yr mortgage at 7.0% Using the following formula, determine the payment for the 15 year mortgage and the 30 year mortgage: $\text{PMT}=\frac{P$$\frac{\text{apr}}{n}$$}{1-$$1+\frac{\text{apr}}{n}$$^{-nY}}$ I am really struggling with the formula and how to use it. Any suggestions?
 March 19th, 2011, 09:41 AM #2 Senior Member     Joined: Jul 2010 From: St. Augustine, FL., U.S.A.'s oldest city Posts: 12,211 Thanks: 521 Math Focus: Calculus/ODEs Re: Mortgage Payment For the 15-yr mortgage, we have: $\text{PMT}=\frac{(180000)\frac{0.065}{12}}{1-$$1+\frac{0.065}{12}$$^{-12\cdot15}}$ Now you can use your calculator to get: $\text{PMT}\approx1567.99$ For the 30-yr mortgage, we have: $\text{PMT}=\frac{(180000)\frac{0.07}{12}}{1-$$1+\frac{0.07}{12}$$^{-12\cdot30}}$ $\text{PMT}\approx1197.54$

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