Kandace have been approved for a $250,000, 30 year mortgage with an APR of 4.5%. What is their monthly payment rounded to the nearest dollar?

Answer 1

A = P *r*((1+r)^n)/((1+r)^n-1)

where

A = payment Amount per period
P = initial Principal (loan amount)
r = interest rate per period
n = total number of payments or periods

n = 30*12 = 360
P = 250000
4 = 0.045

A = 250000*0.045 * (1.045^360)/(1.045^360 - 1)