Question

How do I calculate the monthly payment required to repay a $250,000 loan in 15 years at 5.75% interest compounded monthly?

Answer 1

monthly rate = .0575/12 = .004791666..
n = 12(12) = 180

P ( 1 - 1.00479166..^-180)/.00479166.. = 250000

I get P = $ 2076.03