My Math Forum  

Go Back   My Math Forum > High School Math Forum > Algebra

Algebra Pre-Algebra and Basic Algebra Math Forum

LinkBack Thread Tools Display Modes
March 19th, 2011, 09:17 AM   #1
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:

I am really struggling with the formula and how to use it. Any suggestions?
newtleeg is offline  
March 19th, 2011, 09:41 AM   #2
Senior Member
MarkFL's Avatar
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:

Now you can use your calculator to get:

For the 30-yr mortgage, we have:

MarkFL is offline  

  My Math Forum > High School Math Forum > Algebra

mortgage, payment

Thread Tools
Display Modes

Similar Threads
Thread Thread Starter Forum Replies Last Post
% payment loan Denis Algebra 1 July 8th, 2016 05:22 PM
Annual payment (maturity of the mortgage) Fitim Economics 1 October 28th, 2013 05:36 PM
% payment loan Denis New Users 1 June 5th, 2013 09:45 AM
APR with fee payment JMATH17 Economics 12 January 23rd, 2013 05:18 PM
Payment question sivela Algebra 1 May 16th, 2010 06:48 PM

Copyright © 2019 My Math Forum. All rights reserved.