Answer: $ 2786.58
Step-by-step explanation:
P = $314,900
r = 6 3/4% per year = 6.75% / 12 months = 0.0675 / 12 = 0.005625 per period
n = 15 years = 15 × 12 months = 180 total periods
Ammortizaion formula is given as:
A = [P(1 + r)^n / (1 + r)^n - 1
where,
A = amount paid per period
P = Initial Principal
r = Interest rate
n = Number of periods
Slotting in the values, we would have a monthly payment of $ 2786.58