Question

Oppenheimer Bank is offering a 30-year mortgage with an EAR of 5 3/8%. If you plan to borrow $150,000, what will your monthly payment be?

Answer 1

I will assume your interest rate is compounded monthly, so
i = .05375/12 = .004479166 with n = -360

150000 = paym( 1 - 1.004479166^-360)/.004479166

(I got 839.96 )