Mortgage What is the monthly payment on a mortgage of at interest? What is the total amount paid on this loan over the period?
The monthly payment on a mortgage of at interest per year, compounded monthly and the total amount paid on this loan over the period.
The interest rate per year is given by,
Amount of loan is .
Period of payment is .
If a loan is to be repaid in regular equal payments with interest rate per time period, then the size of each payment is given by,
The total amount paid on the loan is calculated as,
Amount of a monthly payment total number of monthly payments.
For calculating monthly payments,
The number of regular equal payments is given by,
The interest rate is given by,
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