math help now APR

Question

Several years ago Bill got a home mortgage of $113,000 with a term of 30 years at an APR of 9%. Use the Monthly Payments for Long-Term Loans Rule of Thumb to estimate his monthly payment.

$ 

Answer 1

I use this formula for mortgage (monthly-rates): P = L[c(1 + c)ⁿ]/[(1 + c)ⁿ - 1].

L = Loan amount

P = Monthly payment

n = Month when the balance is paid in full

c = compound = .09/12 = .0075

113000(1(.0075+1)^360)/((.0075+1)^360-1)=$3593.37/mo