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March 19th, 2011, 09:17 AM   #1
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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:



I am really struggling with the formula and how to use it. Any suggestions?
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March 19th, 2011, 09:41 AM   #2
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Math Focus: Calculus/ODEs
Re: Mortgage Payment

For the 15-yr mortgage, we have:



Now you can use your calculator to get:



For the 30-yr mortgage, we have:



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