1. Calculating mortgage payments (Paying back your student loans)

2. ((1+monthly interest rate) ^(T*12) -1 ) Monthly interest rate *(1+monthly interest rate) ^(T*12) Loan *

3. ((1+monthly interest rate) ^(T*12) -1 ) Monthly interest rate *(1+monthly interest rate) ^(T*12) Loan *

4. ((1+monthly interest rate) ^(T*12) -1 ) Monthly interest rate *(1+monthly interest rate) ^(T*12) Loan * Annual rate divided by months

5. ( 1+ ) (T * 12 ) ( 1+ ) - 1 (T * 12) ( rate months ) x rate months rate months

6. ( 1+ ) (T * 12) ( 1+ ) - 1 (T * 12) () x MIR MIR = Monthly Interest Rate

7. Here is a sample problem: 30 year mortgage loan $60,000 annual interest rate of 12%, what is the monthly payment?

8. ( 1+ ---).12 12 ( 1 + ) - 1.12 12 (T * 12) x ( --).12 12

9. ( 1+ ---).12 12 ( 1 + ) - 1.12 12 (T * 12) x ( --).01

10. ( 1+ ---) ( 1 + ) - 1.12 12 (T * 12) x ( --).01

11. ( 1+ ---) ( 1 + ) - 1 (T * 12) x ( --).01

12. ( 1.01 ) ( 1 + ) - 1 (T * 12) x ( --).01

13. ( 1.01 ) ( 1.01 ) - 1 (T * 12) x ( --).01

14. ( 1.01 ) - 1 ( 1.01 ) x (360) ( --).01 (T * 12)

15. ( 1.01 ) - 1 ( 1.01 ) x (360) ( --).01 (360)

16. ( 1.01 ) - 1 ( 35.9496 ) x ( --).01 (360)

17. ( 35.9496 ) - 1 ( 35.9496 ) x ( --).01

18. ( 35.9496 ) - 1.35.9496 Move the decimal 2 places left

19. 35.9496 - 1.359496 Subtract 1

20. 34.9496.359496 Divide the fraction

21. .010286

22. $60,000 *.010286 = $617.17

23. Monthly payments are: $617.17

24. End