You can do it, but it isn't exactly straight forward. Here is the basic formula that you will need to follow:
M = P * (i / (1 - (1+i)^-T))
M - is the monthly payment
P - is the principle
i - is the monthly interest
T - is the term
So, we buy a house for $200,000 with a 3% interest rate, and the term of the mortgage is 30 years (360 months)
Convert the interest from percentage to decimal, and then to monthly.
3% divided by 100 = 0.03 and then 0.03 divided by 12 months = 0.0025
So i = 0.0025
Add in your Term, in this case it is 30 years (30x12=360 months)
T=360
Break the calculations into sections, doing the innermost parenthesis first
M = P * (0.0025 / (1 - (1+0.0025)^-360))
(1+0.0025) = 1.0025
M = P * (0.0025 / (1 - (1.0025)^-360))
This next part is the most complex. You have to deal with a negative exponent. 1.0025 to the -360 power. To do this you have to convert the negative to a positive.
On your scientific calculator, you will need to use the button that has an X with a small y above it. This is the "power" or exponent button.
Enter 1.0025 xy 360 = 2.45684
Then divide 1 by 2.45684 = 0.40703
The rest is relatively simple
M = P * (0.0025 / (1 - 0.40703))
1 - 0.40703 = 0.59297
M = P * (0.0025 / 0.59297)
0.0025 Divided by 0.59297 = 0.00422
P is our principle, which is $200,000. Multiplying 200,000 by 0.0042 will give us a monthly mortgage payment of $844
M = $844 per month
No. Plain is a noun, or an adjective. The adjective plain has the adverb form "plainly."
The word plain has one syllable.
"Plain" has one syllable and a long "a" vowel sound.
the hand hygiene that has the least activity against microbes is: plain soap, iodine compound, alcohol based rub, or an ammonium compound
According to Calorie King, there are 54 calories in a 2.4 oz plain, baked in skin potato.
communisum plain
Communism plain
Communism plain
In plain Enlgish - it refers to your being behind in your payments.
If your property is in a flood plain or your mortgagor requires flood insurance, no, you cannot cancel flood insurance.
six. hello if you could type that question, you can use a plain calculator. get one will ya!!! just press 5 + 1 =. there's your answer!
The answer is 12,553 m.
Very little except that a Mortgagor is specifically the the named borrower on a mortgage instrument, whereas a plain old 'borrower' could be anybody who borrowed anything from anywhere.
Add them together and divide by 4 (the number of percentages you had in the first place) It's just like averaging plain numbers
Plain
Northeastern Plain ( Manchurian Plain )
The North China Plain is a plain in China.