You can solve for the monthly payment on a mortgage by using the formula for the present value of an ordinary annuity.

Name: You can solve for the monthly payment on a mortgage by using the formula for the present value of an ordinary annuity.
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The formula for the present value of an ordinary annuity can be used to calculate the monthly payment on a mortgage, as a mortgage is essentially an annuity where you are paying a fixed amount periodically to pay off a loan with interest.

You Can Solve for the Monthly Payment on a Mortgage