Answer:
$1368.23 (nearest cent)
Step-by-step explanation:
Monthly Payment Formula
[tex]\sf PMT=\dfrac{Pi(1+i)^n}{(1+i)^n-1}[/tex]
where:
- PMT = monthly payment
- P = loan amount
- i = interest rate per month (in decimal form)
- n = term of the loan (in months)
Given:
- P = $197,613
- i = 7.4%/12 = 0.074/12
- n = 30 × 12 = 360 months
Substitute the given values into the formula:
[tex]\implies \sf PMT=\dfrac{197613 \cdot \frac{0.074}{12}\left(1+\frac{0.074}{12}\right)^{360}}{\left(1+\frac{0.074}{12}\right)^{360}-1}[/tex]
[tex]\implies \sf PMT =1368.232494...[/tex]
Therefore, the monthly mortgage payment is $1368.23 (nearest cent).
Learn more about monthly payments here:
https://brainly.com/question/27811238
https://brainly.com/question/24828257
