Can you help me with a little algebra?
I know you can use a calculator but I want to be able to calculate a mortgage without.
The correct answer is $ 1,199.10
30 year mortgage at a 6% interest rate with a $ 200,000 loan.
Here is a link to the formula
http://steadfastfinances.com/blog/wp-content/uploads/2010/02/Amortization-Equation-example.jpg
Here is what I bashed into my calculator
200 000 * 0.0005 = 100
0.06 / 12 + 1 = 1.005
1 – 1.005 = -0.005
-0.005 – 12 * 30 = -360.15
100 / -360.15 = -260.15
What did I do wrong?
I already have the algebra I just don’t know how to interpret it.