Respuesta :
Answer:$305,000 • 0.0065(1+0.0065)^300/ (1+0.0065)^300-1
Step-by-step explanation:APEX, have a great day
The monthly payment will be $ 2,313.77.
What is compound interest?
Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.
We know that the monthly payment is given as
MP = [Pr(1 + r)¹²ⁿ] / [(1 + r)¹²ⁿ - 1]
Where MP monthly payment, P is the initial amount, r is the rate of interest, and n is the number of years.
Then we have
r = 0.0065
P = $305,000
n = 25
12n = 300
Then we have
MP = $ 305,000 x 0.0065 x (1.0065)³⁰⁰ / [(1.0065)³⁰⁰ - 1]
MP = $ 2,313.77
More about the compound interest link is given below.
https://brainly.com/question/25857212
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