Using this formula:
P = A(r/n) / 1-(1+ r/n)^-nt
where A = 153000 r= 4.5% (0.045) n=12
Find out how much your monthly payment is for 30 years and for 15 years.
Did you look under your first post of yesterday, just about a dozen questions below this one? Look under it and see the answers!!!!. We figured the monthly payment for 30 years or 360 months. Just follow the exact same procedure and change t from 360 to 180 months or 15 years. You should get the monthly payment for 15 years to be =$1,170.44.
