how much would your monthly mortgage be if you owe 180,000 @ 3% amortized over 25 years.
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
\(180000=C*\left(\frac{1-1.0025^{-300}}{0.0025}\right)\\\\ 180000=C*210.87645\\\\ C=180000\div 210.87645\\\\ C=853.58 \)