Question

Mila is looking to take out a mortgage for \$730,000$730,000 from a bank offering a monthly interest rate of 0.325%. Using the formula below, determine her monthly payment, to the nearest dollar, if the loan is taken over 20 years.
M=\frac{Pr(1+r)^n}{(1+r)^n-1}
M=
(1+r)
n
−1
Pr(1+r)
n

​

M=M= the monthly payment
P=P= the amount borrowed
r=r= the interest rate per month
n=n= the number of payments

Answer 1

Answer:

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Step-by-step explanation:

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