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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]

 Jan 15, 2019
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I am pretty sure the answer is 0! 

 Jan 15, 2019
edited by FreddieMercury  Jan 15, 2019
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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

 Jan 15, 2019

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