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A couple has just purchased a home for $400,000. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan

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A couple has just purchased a home for $400,000. They will pay 20% down in cash, and finance the

remaining balance. The mortgage broker has gotten them a mortgage rate of 6% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan

 
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