The value of a mortgage $M$ can be found using $M=P\left(\frac{1-\left(1+\frac{r}{12}\right)^{-12 t}}{\frac{r}{12}}\right)$, where $P$ is the monthly payment, $r$ is the interest rate compounded monthly and $t$ is the number of years for the mortgage. What would the monthly payment be for a $\$ 250,000$ mortgage with a $6 \%$ interest compounded monthly for 20 years?

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The Answer of The value of a mortgage $M$ can be found using $M=P\left(\frac{1-\left(1+\frac{r}{12}\right)^{-12 t}}{\frac{r}{12}}\right)$, where $P$ is the monthly payment, $r$ is the interest rate compounded monthly and $t$ is the number of years for the mortgage. What would the monthly payment be for a $\$ 250,000$ mortgage with a $6 \%$ interest compounded monthly for 20 years?

The Value of a Mortgage MMM Can Be Found Using M=P(1−(1+r12)−12tr12)M=P\left(\frac{1-\left(1+\frac{r}{12}\right)^{-12 t}}{\frac{r}{12}}\right)M=P(12r​1−(1+12r​)−12t​)

The Value of a Mortgage $M$ Can Be Found Using $M=P\left(\frac{1-\left(1+\frac{r}{12}\right)^{-12 t}}{\frac{r}{12}}\right)$