anyone knows the formula for Fixed rate mortgage?

Question

anonymous · Answer

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

anonymous · Answer

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

anonymous · Answer

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

anonymous · Answer

Yea. I want my medal first lml. silly

anonymous · Answer

iight gorgeous I got you;)

anonymous · Answer

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?

anonymous · Answer

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

anonymous · Answer

iight but what is the "L" in the formula

anonymous · Answer

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