Mortgage Payments.The formula
M =
gives the monthly mortgage payment M on a home loan of P dollars at interest rate r, where n is the total number of payments (12 times the number of years). Use this formula in Exercise.
The cost of a house is $124,000. The down payment is $20,000, the interest rate is 5 %, and the loan period is 30 years. What is the monthly mortgage payment?
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