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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 15yr mortgage at 6.5% 30yr mortgage at 7.0% Using the following formula, determine the payment for the 15 year mortgage and the 30 year mortgage: 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 15yr mortgage, we have: Now you can use your calculator to get: For the 30yr mortgage, we have: 

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