Question 1199129
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20% of $195,000 = 0.20*195000 = 39000
Down payment is $39,000


Remaining amount is 195000-39000 = 156,000
Note that 80% of 195,000 = 156,000


Monthly payment formula
P = (L*i)/( 1 - (1+i)^(-n) )
where,
L = loan amount
i = monthly interest rate in decimal form
n = number of months


We have these input values
L = 156000
i = 0.04/12 = 0.00333333 approximately
n = 15*12 = 180 months


Let's compute the value of P.
P = (L*i)/( 1 - (1+i)^(-n) )
P = (156000*0.00333333)/( 1 - (1+0.00333333)^(-180) )
P = 1153.91285124951
P = 1153.91


Answer: The monthly payment is <font color=red>$1153.91</font>


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As verification, you can use the calculator the tutor @Theo mentioned.
Keep in mind the answer is 1153.91 and NOT 1531.91; it appears he mixed up the digits.


Another TVM solver is this one here
<a href = "https://www.geogebra.org/m/mvv2nus2">https://www.geogebra.org/m/mvv2nus2</a>
which emulates the TVM solver in a TI83 and TI84.


The inputs will be:
N = 180
I% = 4
PV = 156000
PMT = left blank or set to whatever you want
FV = 0
P/Y = 12
C/Y = 12
Do not type in dollar signs or commas into any of the boxes.
Here's an explanation of each input:<ul><li>N represents the number of months in this context</li><li>I% is the annual interest rate as a percentage</li><li>PV is the present value, aka starting loan amount</li><li>FV = 0 to indicate we want the future value of the loan, aka final balance, to be $0 when it's all paid off</li><li>P/Y = 12 means there are 12 payments per year</li><li>C/Y = 12 means there are 12 compoundings per year</li></ul>After the items are filled into the proper boxes, press the "Solve for PMT" button to have -1153.91 show up in that box. 
This value is negative to represent a cash outflow.
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