Homework Answers
The following details are given
Loan Amount = P = 229,750
Interest rate = 8%
Monthly Interest rate = r = 8%/12 = 0.66667%
Period = n = 25*12 = 300 months
Monthly Mortgage payments = [r * P] / [1-((1+r)^-n)]
= [229,750 * 0.66667%] / [1-((1+0.066667%)^-300)]
= 1531.6743 / (1-0.136235)
= 1531.6743 / 0.863765
= 1773.25
Therefore, Monthly Mortgage payment is 1773.25
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