QuestionBookwork code: 3 H allowed
The formula below can be used to calculate monthly mortgage repayments.
Archie borrows $£ 228,000$ for his mortgage. The monthly interest rate is $0.18 \%$ and he must make a repayment every month for the next 25 years.
Use the formula to calculate Archie's monthly mortgage repayment. Give your answer to the nearest $£ 1$. $$m=\frac{0.01 r b}{1-(1+0.01 r)^{-n}}$$ $m$ is the monthly mortgage repayment ( $£$ ) $r$ is the monthly interest rate (\%) $b$ is the amount borrowed ( $£$ ) $n$ is the number of monthly repayments Zoom