First find the yearly payment using the formula of the present value of annuity ordinary
The formula is
Pv=pmt [(1-(1+r)^(-n))÷r]
Pv present value 276475
Pmt yearly payment ?
R interest rate 0.0565
N time 30 years
Now solve for pmt
The formula change to be
Pmt=pv÷ [(1-(1+r)^(-n))÷r]
Plug in the equation above
Pmt=276,475÷((1−(1+0.0565)^(−30))÷(0.0565))=19,339.22
Now find the cost of the principle and interest after 30 years by multiplying the yearly payment by the time
19,339.22×30=580,176.60...answer
Hope it helps:-)
Hope this helps. If you have any further question ask in comments.
