The monthly mortgage payment including principal and interest is $1,936.25
Explanation:
PV = (1 - 0.20) × $325,000 = $260,000
r = 0.041 / 12
t = 15 * 12 = 180
[tex]C = \frac{PV}{\frac{1- [\frac{1}{(1+r)^{t} } ] }{r}}[/tex]
C = $260,000 ÷ [1 - {1 / (1 + 0.041 / 12)∧180} / (0.041 / 12)]
C = $1,936.25
The monthly mortgage payment including principal and interest is $1,936.25
