Task:
Using a calculator can you show me step by step how I can calculate a monthly mortgage payment.
For example the mortgage is $120K, the rate is 4.5% and the term is 360 months.
Further suppose I decide to pay off the mortgage at year 5, what would the amount owed be?
I have read the book and see the formula, I can calculate in excel as everyone else, but don't understand the formula nor how to calculate without the chart. So a detailed desciption would be very helpful.