# Find monthly payments on mortgage loan when interest is compounded daily?!?

Answers:0 | LastUpdateAt:2012-10-02 16:15:02

**Q**uestion- priyal
- Asked at 2012-10-02 16:15:02

You are looking to get a mortgage for a home , you think you can afford to borrow $ 150,000. The bank offers a nominal interest rate of 5% compounded daily on a 30-year loan . MedlinePlus
MedlinePlus
What are the monthly payments ? and how much money you will pay over the life of the mortgage ? MedlinePlus
MedlinePlus
I know I = 5/365 to obtain the daily interest rate , but how can you take part in the 30 years . I do not understand what equation to use or if I have to use my letters of interest rates given in class ... MedlinePlus
help or advice is greatly appreciated!

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