SOLUTION: I am using the following formula for the problem but I'm not getting the right answer. PMT=PV Interest/1-(1+interest)-n Problem: The Castlow family purchases a home for $330,0

Question 995483: I am using the following formula for the problem but I'm not getting the right answer. PMT=PV Interest/1-(1+interest)-n
Problem: The Castlow family purchases a home for $330,000. They make a down payment of 20%, and finance the rest with a 30-year fixed mortgage at an annual interest rate of 4.8% compounded monthly. What is the amount of their monthly loan payment?
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
The formula you need to use is
, where
= monthly payment,
= present value of the loan,
= number of payments, and
= interest rate per pay period (as a decimal) .
Since they make a down payment of 20%, the loan is
of , or

(rounded to the nearest 0.01).
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