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in this video were going to talk about how to use the amortization formula to calculate a monthly loan payment and also the total interest cost of that loan so lets work on this example John takes a three hundred thousand dollar loan with a six percent annual interest rate in order to buy a home the term of the loan is 30 years what is Johns monthly payment well first lets write the formula the monthly payment is going to be in its going to be equal to rather the principal times the annual interest rate divided by n n is basically the number of payments per year since were trying to calculate the monthly payments and theres 12 months in a year and its going to be 12. so all of this is going to be divided by 1 minus 1 plus r over n raised to the negative NT so lets write down what we know the principle is the value of the loan which in this case is three hundred thousand dollars r is the annual interest rate which is six percent but we need to convert that to a decimal wheneve