I need help computing a mortgage payment.?

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I need help computing a mortgage payment.?

421,000 at 4.8% over 30 yrs. I can go to Bankrate.com, but I need to show the work for an Algebra paper. I'm not sure how to do the formula on a calculator.

2007-01-03 09:06:53 · 3 answers · asked by harbet79 1 in Science & Mathematics ➔ Mathematics

3 answers

Formula and description below.

2007-01-03 09:32:40 · answer #1 · answered by Mike1942f 7 · 0⤊ 0⤋

Using HP 12-C:
Enter 421,000 as PV
Enter 4.8 gi for interest rate per month
Enter 30 gn for number of monthly payment

Press PMT to get payment amount of $2,208.84 monthly

2007-01-03 11:21:00 · answer #2 · answered by beached42 4 · 0⤊ 0⤋

a simple MONTHLY mortgage payment is: 421,000 x (1 + 0.048)^30 / (30 x 12) = $4,773.29. There are other types of mortgages which would result in a different payment.

2007-01-03 09:36:37 · answer #3 · answered by jackyyboy 1 · 0⤊ 0⤋