Answer:
$676.16
Explanation:
We are required to find the monthly payments (PMT). This can be calculated using a financial calculator as follows :
PV = $102,500
P/yr = 12
i = 6.25%
N = 25 × 12 = 300
FV = $0
PMT = ?
Using a Financial Calculator to enter the values as above, the PMT will be $676.16. Therefore, he monthly payments on the mortgage are $676.16.
