Answer:
Explanation:
Hello, the solution to your problem can be found by using the PMT function in Excel.
The function would read: =PMT(.0475/12, 20*12, -160,000)
With this formula the monthly mortgage payment is: $1,033.96.
I have attached a screenshot file containing the correct answer as well; the formula in the bar also shows how to use the function for any other similar problems. I hope this helps. : )