Formula for calculating the mortgage repayment?
Could some one give me the formula for calulating the mortgage repayment figure. Consider the following example for calulation.
Suppose the Principal is $ 250,000 ( borrowed money )
Interest is 8.00%
Time for loan repayment is 20 years
Frequency of repayment is monthly
So what will be the repayment amount = …………/ month????
I know now a days with the help of software I can just put the above figure in the respective columns and I will get the result within a second but I want to know the calculating formula so that I can calculate myself.
Thanks for your answer in advance.
I am researching the topic for a project at school. I thought with the dawning of the computer age, repayment of the loan would be feasible via the internet. But is the process legal? And would any Japanese bank agree to it?