need help solving this I want to payoff my mortage loan in 5 years... P=102,000[0.00375(1+0.00375)^60]/[(1+0.00375)^60-1]
need help solving this I want to payoff my mortage loan in 5 years... P=102,000[0.00375(1+0.00375)^60]/[(1+0.00375)^60-1]
Well, you have already entered all the information in the formula used to calculate the monthly payments. Just use any calculator to get your payments. If you don't make any mistakes, you should get: $1,901.59.
This payment if paid every month for 60 months, it will pay off your mortgage in 60 months, or 5 years.
Here is the amortization of your mortgage over a period of 60 months:
https://www.calculator.net/amortization-calculator.html?cloanamount=102000&cloanterm=5&cinterestrate=4.50&printit=0&x=54&y=22
