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(Solved): The monthly payment M for a mortgage depends on the principal P, annual interest rate r, and number ...
The monthly payment
Mfor a mortgage depends on the principal
P, annual interest rate
r, and number of years
taccording to:
M=f(P,r,t)=P(r(1+r)^(12t))/(12((1+r)^(12t)-1))Calculate
f(300000,0.06,30)to find the monthly payment on a
$300,000loan at
6%annual interest for 30 years.
