ALGEBRA Farha Gadhia has applied for a $100,000 mortgage loanat an annual interest rate of 6%. The loan is for a period of 30 yearsand will be paid in equal monthly payments that include interest.Use the

Hdorgeval asked Jul 1, 2023

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Hdorgeval asked Jul 1, 2023

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16 votes

Mortgage loan= P = $100,000

Rate= r = 6% and the rate interest is

For a period of 30 years, i.e

$n=12*30=360\text{ months}$

The formula to find monthly mortgage payment is

SergeyS answered Jul 8, 2023

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