A = payment Amount per period P = initial Principal (loan amount) r= interest rate per period n= total number of payments or periods Example: What would the monthly payment be on a 15-year, $100,000 loan with a 4.50% annual interest rate? P = $100,000 r= 4.50% per year / 12 months = 0.375% (or 0.00375) per period n = 15 years * 12 months = 180 total periods A = 100,000 * (.00375 * (1 + .00375)180)/((1+.00375)!80 – 1)
A = payment Amount per period P = initial Principal (loan amount) r= interest rate per period n= total number of payments or periods Example: What would the monthly payment be on a 15-year, $100,000 loan with a 4.50% annual interest rate? P = $100,000 r= 4.50% per year / 12 months = 0.375% (or 0.00375) per period n = 15 years * 12 months = 180 total periods A = 100,000 * (.00375 * (1 + .00375)180)/((1+.00375)!80 – 1)
Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
Problem 1PE
Related questions
Question
I am trying to create a monthly mortgage calculator in C++, but i cannot get the function I am trying to create to work. The output it gives for the monthly payment is 53125 for a 150000 loan at 4.25% for 15 years.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, computer-science and related others by exploring similar questions and additional content below.Recommended textbooks for you
Database System Concepts
Computer Science
ISBN:
9780078022159
Author:
Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:
McGraw-Hill Education
Starting Out with Python (4th Edition)
Computer Science
ISBN:
9780134444321
Author:
Tony Gaddis
Publisher:
PEARSON
Digital Fundamentals (11th Edition)
Computer Science
ISBN:
9780132737968
Author:
Thomas L. Floyd
Publisher:
PEARSON
Database System Concepts
Computer Science
ISBN:
9780078022159
Author:
Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:
McGraw-Hill Education
Starting Out with Python (4th Edition)
Computer Science
ISBN:
9780134444321
Author:
Tony Gaddis
Publisher:
PEARSON
Digital Fundamentals (11th Edition)
Computer Science
ISBN:
9780132737968
Author:
Thomas L. Floyd
Publisher:
PEARSON
C How to Program (8th Edition)
Computer Science
ISBN:
9780133976892
Author:
Paul J. Deitel, Harvey Deitel
Publisher:
PEARSON
Database Systems: Design, Implementation, & Manag…
Computer Science
ISBN:
9781337627900
Author:
Carlos Coronel, Steven Morris
Publisher:
Cengage Learning
Programmable Logic Controllers
Computer Science
ISBN:
9780073373843
Author:
Frank D. Petruzella
Publisher:
McGraw-Hill Education