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Instructions: |
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First, enter the number of payments you expect to make. A 15 year mortgage is (15 x 12) or 180 payments, conversely a 30 year mortgage is (30 x 12) or 360 payments. Next, enter an interest rate. You can enter the interest rate as a percentage or as a decimal. Finally enter the amount you plan to borrow, called the principal and click compute. Your monthly payment will be displayed in the box. |
