You are considering buying a house. After the down payment,you will
have to finance $80,000.You can get a mortgage at an APR of 6.5% over
a 15 year term. What would be the monthly payment?

Dear sissy4624"

The answer is 696.89 dollars per month.

Source: http://www.bankrate.com/brm/mortgage-calculator.asp

Google Search Strategy:

mortgage monthly payment calculator

Best Regards,
blader-ga

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Request for Answer Clarification by sissy4624-ga on 25 Aug 2002 22:17 PDT

If possible, blader-ga could you show or tell me exactly how you
calculated that answer, Please!

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Clarification of Answer by blader-ga on 26 Aug 2002 11:32 PDT

Dear sissy4624:

If you haven't checked it already, Researcher richard-ga was kind
enough to provide us with a formula, here:
http://www.ginniemae.gov/homezone/brainfood/mortgage.html

Best Regards,
blader-ga

I will continue to use your services for the rest of the year. You are superb!

I went to the URL blader-ga provided and found it fairly
straightforward. In the "mortgage amount" box, change the amount to
"80000.00"; in "mortgage term", enter "15.00" (on my browser, with
JavaScript active, the "months" box automatically changed to "180"
when I left the field), in the "interest rate" box, enter "6.50", and
then click "Calculate". The amount "696.89" shows up in the "monthly
mortgage payment" box.

Or was your question "what is the formula that has to be used to
calculate the monehtly amount"? Still, I suspect that blader-ga didn't
calculate the answer with a formula, but rather just plugged numbers
into the URL as I did.

Yes, I would like the formula for the questioned that I posted. I
would appreciate it if possible

Here is a webpage that gives the formula steps to calculate a monthly
mortgage payment:
http://www.ginniemae.gov/homezone/brainfood/mortgage.html