Compound Interest and Mortgage Payments
monthly payment be if you want to pay o the loan in 30 years? P(t): The amount you owe at time t. P(0): The amount of money you borrow from the bank at the beginning. r: Annual interest rate. t = 1 month. Surprisingly, the di erence equation that governs mortgage payments is the same as one shown on the previous slide: P(t + t) = P(t)(1 + r t) M; ................
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