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Chapter 11 Formulas

MGF 1107- Chapter 11 Formulas

NameFormula (steps)
simple interest i = prt
compound interest A = P(1+ r/n) exponent nt
required down payment (cost of house)(down %)
monthly mortgage payment step 1: cost of house - down payment Step 2: divide by 1000 Step 3: multiply times chart number
mortgage cost of house - down payment
points (mortgage)(points %)
adjusted monthly income gross monthly income - regular monthly payments
maximum monthly payment (adjusted monthly payment)(28%)
Created by: dteacher