Answer:
$17,419.55
Explanation:
To calculate the loan payment we use the formula:
a/ {[(1+r)^n]-1] / [r (1+r)^n]-1}
Where
a= $250,000
n= 360 (i.e 30years * 12months)
r = 0.00583/12 (7% / 12months)
=250000/{[(1+0.00583)^360]-1}/[0.00583(1+0.00583)^360]= $1663.26.
She'll pay $1663.26 in a month.
You'll need to construct an amortization table to get her annual payment.
After using the ammortization table properly her year1 payment will be $17419.55
