Name: Algebra 2 Trig - Mrs. Lunde

A = the estimated monthly mortgage payment. P = the amount initially borrowed for the house. r = the annual interest rate (expressed as a decimal). n = the total number of monthly payments that will be made to pay the mortgage. Example: Suppose you obtain a 30-year fixed-rate mortgage for $100,000 at a rate of 3%. Then we have ................
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