Question

anyone knows the formula for Fixed rate mortgage?

Answer 1

\[ P= L[c (1 + c)n] / [(1+c)n - 1]\]

Answer 2

This is the monthly formula at least. You need to specify

Answer 3

alright thanks...would you be willing to work out this problem for me?
...I could reference back 2 it

Answer 4

Yea. I want my medal first lml. silly

Answer 5

iight gorgeous I got you;)

Answer 6

Brant has a 40-year fixed rate mortgage for $245,500 with monthly payments of $878.85. The annual interest rate is 3%. What is the total cost of the principal and interest for this loan rounded to the nearest dollar?

Answer 7

I really want to help you, but with word problems, its better to work it out yourself. Apply the monthly formula.

Answer 8

iight but what is the "L" in the formula

Answer 9

and is that 1+c^n or 1+cxn??