Answer:$4,369.17
Step-by-step explanation:
Compound interest (A)= P(1 + r/n)^not
A = compound interest
P = principal
r = rate
n = number of times the interest is compounded in a year
t = Time
From our data,
R = 3.6%
T =30 years
P = $535000
n= 12
A = 535000(1 + 0.036/12)^12*30
A= 535000*2.94
A= $1,572,900
In 30 years, we have (30*12) number of months = 360 months
To get the amount paid monthly, we divide the compound interest by the total number of months they'll repay the loan
Monthly payment = $1,572900/360 = $4,369.17
