your montly mortgage payment ( principal plus interest) is $1,500.00. If you have a 30 years...
Homework Answers
We know, A = P (1 + r/m)mt, where A = 1500, r = 6% m =1, t =30
1500 = P (1 + 0.06)30
P = 1500 /(1.06)30
P = 1500 / 5.74 = 261.3
So 261.3 amount was borrowed initally.
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