R - the monthly interest rate. Inew i 291 2911i-48 11200i 482911i-49 11200 The computed guesses are 00094295242 0009400815600094007411 00094007411. The formula for mortgage payments is P L c 1 cn 1 cn - 1 where L is the loan value n is the total number of payments over the life of the loan and c is the interest rate.
The following formula is used to calculate the fixed monthly payment P required to fully amortize a loan of L dollars over a term of n months at a monthly interest rate of c.
Car loans in your area are quoted at around 12 so start with i 12year 01month. Total Interest Paid Total Monthly Payment Amount of Mortgage. P L c 1 c n 1 c n - 1. Total Monthly Payment 1350 12 30 486000.