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Calculator hp How much will 600.00 per month for 30 yrs.at 4.5 percent can you borrow?
Wiki User
∙ 14y ago
Let "q" be your monthly payment (600), N be the time length of the loan in MONTHS (360) and "i" be your monthly interest rate. This last number is a little tricky and depends on exactly what is meant by 4.5% interest. I assumed they charged interest every month on your balance so after a year it was 4.5% . Then i = .00367. The formula is then: P = (q/i)[((1+i)^N) - 1]/(1+i)^N = (600/.00367)[((1.00367)^360) - 1]/(1.00367)^360 = 163488[3.7389 - 1]/3.7389 = $119,762 the amount you can borrow.
Wiki User
∙ 14y ago
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