Find monthly payment if borrow amount and pay off loan


Amount of money M(t) owed on the mortgage after t months with the continuous annual interest rate of 1.5 % is given by function

M(t)=12P/0.015+e^(o.015 t/12) (M_0 - 12P/0.015)

where P is monthly mortgage payment and M0 is amount borrowed. If you borrow M0 = $36,000 and pay off loan in t = 120 months (so M(120) = 0), find monthly payment P?

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Mathematics: Find monthly payment if borrow amount and pay off loan
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