Alexandra is looking to take out a mortgage for $160,000 from a bank offering an annual
interest rate of 4.8%, compounded monthly. Using the formula below, determine
her
monthly
payment, to the nearest dollar, if the loan is taken over 15 years.
M =
Pr(1+r)n
(1+r)n-1
M = the monthly payment
P = the amount borrowed
r = the interest rate per month
n = the number of payments
