Monthly Payment Formula Worksheet
Monthly Payment Formula Worksheet
Name _____________________________________
1. Lowest interest rate (r) for a 15 year term mortgage. ________________
n = 180
2. Price of the home. __________________________
3. Amount borrowed
P = Price of the home –% down payment * price of the home. ____________________
4. [pic] (round to 6 decimal places) _________________________________________________
5. Calculate the payment R by using the following formula: [pic]
6. Lowest interest rate (r) for a 30 year term mortgage. ________________
n = 360
7. Price of the home from step 2. __________________________
8. Amount borrowed
P = Price of the home – % down payment * price of the home. ____________________
9. [pic] (round to 6 decimal places) _________________________________________________
10. Calculate the payment R by using the following formula: [pic]
11. Use the table to summarize your information.
Summary
| |15 year term |30 year term |
| | | |
| |n = 180 months |n = 360 months |
|P = amount borrowed | | |
| | | |
|[pic] | | |
|round to 6 decimal places | | |
|R = payment | | |
| | | |
| | | |
Calculate the difference in the payment between the 15 and 30 year term mortgages. Are the differences in payments what you expected? Explain.
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