What is the equation to determine a mortgage payment?

Answer The equation to determine a mortgage payment is P * (R + R / ((1 + R)^N -1 )) where P is the amount you borrowed, R is the monthly interest rate expressed as a decimal and N is the number of month... Read More »

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Who discovered the formula to determine the monthly payment for a mortgage?

Monthly mortgage payments are calculated by working backwards from the total amount loaned, the length of the loan and the interest rate. This specific procedure was not invented by anyone, but the... Read More »

How to Determine If an Equation Is Linear Function?

Linear equations come in the form Ax + By = C. When graphed, such equations form straight lines that extend into both negative and positive infinity. Therefore, simply looking at a graph of the eq... Read More »

How to Determine If an Equation Is a Linear Function Without Graphing?

A linear function creates a straight line when graphed on a coordinate plane. It is made up of terms separated by a plus or minus sign. To determine if an equation is a linear function without grap... Read More »

When is the first payment due on an FHA mortgage?

The first payment due on a Federal Housing Administration (FHA) mortgage is due the first full month after the closing date. Payment on interest for mortgages is paid in arrears, after it is earned... Read More »