mortgage {petersenlab}

Mortgage Principal and Interest.

Description

Amount of principal and interest payments on a mortgage.

Usage

mortgage(balance, interest, term = 30, n = 12)

Arguments

balance

Initial mortgage balance.

interest

Interest rate.

term

Payoff period (in years).

n

Number of payments per year.

Details

Calculates the amount of principal and interest payments on a mortgage.

Value

Amount of principal and interest payments.

Examples

mortgage(balance = 300000, interest = .05)
mortgage(balance = 300000, interest = .04)
mortgage(balance = 300000, interest = .06)
mortgage(balance = 300000, interest = .05, term = 15)