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Using it's formula, it is found that their monthly payments for the mortgage loan will be of $515.45.
<h3>What is the monthly payment formula?</h3>It is given by:
In which:
- P is the initial amount.
- r is the interest rate.
- n is the number of payments.
In this problem, we have that the parameters are given as follows:
P = 80000, r = 0.06, n = 25 x 12 = 300.
Hence:
r/12 = 0.06/12 = 0.005.
Then, the monthly payment will be of:
More can be learned about the monthly payments formula at brainly.com/question/22846480
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