.0066666666        
.0066666666   +   ((1.0066666666 ^360)-1)       ×   $150,000
4) The middle section of the equation is the most difficult to solve so we will
calculate that first.
(.0066666666) ÷ ((1.0066666666 ^360)-1) =
(.0066666666) ÷ (10.935729397036 -1) =
(.0066666666) ÷ 9.935729397036 =
0.0006709790897
5) "Plugging" this into the rest of the equation we have:
(.0066666666   +   0.0006709790897) × $150,000 =
(0.007337645756) × $150,000 =
$ 1,100.65
Aren't you glad you have the Loan Calculator to use instead of this method?
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