Homework Answers
P = $255,000
r = 4% = 0.04
n = 12
t = 20 years
Monthly payment = rP/ n[1 - (1 + r/n)-nt]
= (0.04 * 255000)/ 12[1 - (1 + 0.04/12)-12* 20]
= (0.04 * 255000)/ 12[1 - (1 + 0.04/12)-240]
= $ 1545.25
Therefore,
The monthly principal and interest payment is $1545.25
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