Answer:
$1377.06
Step-by-step explanation:
You want the monthly payment on a 30 year loan of $162359 at 9.6% interest.
Amortization
The payment value can be computed by any spreadsheet and most graphing calculators using built-in financial functions. Numerous apps and web sites are available for the same purpose.
The monthly payment is $1377.06 according to the attached calculator output.
Formula
The formula used for the purpose is ...
A = P(r/12)/(1 -(1 +r/12)^(-12·t))
where P is the loan value, r is the annual interest rate, and t is the number of years. For P=162359, r=0.096, and t=30, you have ...
A = 162359(0.096/12)/(1 -(1 +0.096/12)^-360) ≈ 1377.06
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Additional comment
The formula assumes the payment is made at the end of the month. Spreadsheet and calculator functions often need to be told that's when the payment is made.
