To find the monthly payments on a mortgage with value, equate the present value with some value:
Use the function Solve to solve the equation in terms of payments:
This returns an algebraic answer for the value of the payments in terms of the other variables. Solve outputs the result as a list of rules.
Solve can calculate with numbers as well. For example, to calculate the payments on a $200,000 mortgage amortized over 30 years at 5.2% nominal interest, evaluate:
We can solve for other parameters as well, such as the number of payments. To find the number of years required to pay off a $10,000 loan with payments of $200 per month at an 8% interest rate, evaluate:
To calculate the monthly payments needed to pay off a $5,000 loan in 3 years, evaluate:
A loan of $3,000 is repaid with quarterly installments at the end of each quarter for 5 years. If the interest rate is 10% compounded semiannually, the amount of each quarterly payment is found with the following code:
Solve can also solve for the relationship between two parameters. For example we can find the function relating payments to the interest rate and then plot the relationship: