Can any one explain how to figure this problem out? It dealswith mortgages and p

Question

Can any one explain how to figure this problem out? It dealswith mortgages and personal finance. 140,000*(9.85/(1-(1+9.85)^-18)) 215,000*(6.65/(1-(1+6.65)^-360)) 165,000*(8.36/(1-(1+8.36)^-240)) Can any one explain how to do this so I can understand? Can any one explain how to figure this problem out? It dealswith mortgages and personal finance. 140,000*(9.85/(1-(1+9.85)^-18)) 215,000*(6.65/(1-(1+6.65)^-360)) 165,000*(8.36/(1-(1+8.36)^-240)) Can any one explain how to do this so I can understand?

Explanation / Answer

140,000 * (.0985/(1-(1+.0985)^18)) and so on. This isthe payment on a loan of 140,000 with 18 payments and an interestof 0.985, which is 9.85% per payment period.
I wonder if the 360 and 240 loans are 30 and 20 years, and thepayment period is in months, not years. In this case, theinterest that makes sense here is .0665/12 and .0836/12. Thatwould be my guess, but I don't know where these equations camefrom.
I'll solve the first, I think the interpretation is what youwanted.
I use a scientific calculator that has yx as afunction.
Starting at the inside: 1.0985^-18 = 0.184; 1 -this is 0.816; .0985/this is 0.121
0.121 * 140,000 = 16,906.37
I checked this with excel with the function=pmt(.0985,18,140000) and got the exact same answer

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