The monthly payment on the loan for Raquel is =$555
Calculation of monthly payment
The period for the loan = 30 years
The capital of the mortgage = $185,000
The interest rate = 3.6%
Therefore her monthly pay =?
But simple interest = P*T*R/100
= 185000*30*3.6/100
= 19,980,000/100
= $199,800
This means that for 30 years she will have to pay $199,800 for an annual interest rate of 3.6%.
Therefore in a year she will pay, $199,800 /30 = $6,660
Therefore in a month she will pay $6,660/12 = $555
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