Mortgage payment calculations formula

[jorgekluney]

why is the months (n) an exponent?

[MrSachininHolland]

OK .. Halt @1:47, Can you derive a formula where you can calculate interest rate ( i ). If you know P, n and Monthly payment? If you can derive this formula, then you are really a genious person ;) .

[taranteeno]

i wish u were my dad u r so good 6 stars

[vinidapo]

Thank you very much.  It is very clear..

[calfan3]

lol....this guy said "lol"

[pokemon2500pikachu]

Learning this in grade 9... btw r u indian? (im in Canada right now)

[michael93304]

You made that so easy! I was wandering how those simple mortgage calculators figure out the monthly payment. I asked my sister who is taking math in college and her and I could not figure it out. I can't wait to tell her how to do it!!! You are the smartest guy on the Internet, no one else knows how to explain it. Thank you

[aametrogate]

Thank you very much for this video. From today, I will be one of your fans. Keep up the good work.

[berkowdrummer]

Thank you, Most informative and entertaining! Have a nice day

[drummer116]

you can answer my question in the form of a video or a text response. which ever you would prefer.

[mathproblems]

I made a special video for you to answer your questions. Please see it and after watching this video if you still have any questions pay me LOL

[drummer116]

so when it says that there is an annual interest rate of 6.99% and you start the mortgage on January 1st. does it charge you 6.99% the last day of the year, december 31, the 6.99% of 15000 dollars minus what you have paid for that whole year or does it charge 6.99% of 15000 every year regardless of how many payments you have made.