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Sagot :
Answer: $1009.26
Work Shown
The inputs we work with are
- r = 0.027 = annual interest rate in decimal form
- i = monthly interest rate in decimal form
- i = r/12 = 0.027/12 = 0.00225 exactly
- L = loan amount = 220,000 dollars
- n = number of months = 25*12 = 300
Then we can compute the following
P = monthly payment
P = (L*i)/( 1-(1+i)^(-n) )
P = (220000*0.00225)/(1-(1+0.00225)^(-300))
P = 1009.262025502 approximately
P = 1009.26
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