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how much would your monthly mortgage be if you owe 180,000 @ 3% amortized over 25 years.

 Oct 4, 2015
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how much would your monthly mortgage be if you owe 180,000 @ 3% amortized over 25 years.

 

Just use 

 

C is what you are looking for

i is 0.03/12 = 0.0025

PV=180000

n= 25*12 = 300

 

\(180000=C*\left(\frac{1-1.0025^{-300}}{0.0025}\right)\\\\ 180000=C*210.87645\\\\ C=180000\div 210.87645\\\\ C=853.58 \)

 Oct 4, 2015

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