Answer:
Her monthly payment is approximately $4,611.65
Step-by-step explanation:
The monthly payment on the loan is given by the following formula;
[tex]A = P \cdot \dfrac{r\cdot (1 + r)^n}{(1 + r)^n - 1}[/tex]
A = The monthly payment
P = The principal amount = $423,000
r = 5.65%
The number of years = 10 years
[tex]A = 423,000 \cdot \dfrac{\dfrac{0.0565}{12} \cdot \left (1 + \dfrac{0.0565}{12} \right )^{180}}{\left (1 + \dfrac{0.0565}{12} \right )^{180} - 1} \approx 4611.65[/tex]
Her monthly payment, A ≈ $4,611.65
