How can I calculate my mortgage payments?
An example of an AI chatbot conversation about using a mortgage calculator.
How can I calculate my mortgage payments?
You can use a mortgage calculator to determine your monthly payments. Do you have the loan amount, interest rate, and term?
Yes, I have a loan amount of $300,000, an interest rate of 3.5%, and a term of 30 years.
Great! Based on those numbers, your monthly payment would be approximately $1,347. Would you like to know how to calculate it manually?
Yes, please explain the manual calculation.
To calculate it manually, you can use the formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where M is your monthly payment, P is the loan amount, r is the monthly interest rate, and n is the number of payments.
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