trying to figure out a mortgage issue..some help?

[ninobrn99]

It's a problem for Computer Assembly.
P=291000
r=.054
n=12
t=15
taxes+ins=230 car pmt =357 credit card= 144

how do you solve this? The formula I have is
m={p*r/n}/{1-(1+r/n)**(-nt)}

[ninobrn99]

okay, i figured that out...now my question is
why does (1.0045)**(-180)=.445667131

what steps are taken to find that answer?

[FasstChevys]

Hmm.

I'm probably wrong, but I came up with:

m = {1309.5}/{.9121666**(-180)}

[ninobrn99]

where did you come up with the .9121666?

[FasstChevys]

where did you come up with the .9121666?

Ok, I'll try..........maybe I'm out in left field....


m={p*r/n}/{1-(1+r/n)**(-nt)}

m = {1309.5}/ {1-(1+.054/12)**(-180)} or....

m = {1309.5}/ {1-(.0873333)**(-180)} or.....

m = {1309.5}/ {.9121666**(-180)}...right?

by the way - what does the "**" mean?? Does it just simply mean to multiply?

[ninobrn99]

no, we just figured out it means "to the power of"