find the monthly payments necessary to amortize an 84 loan o

find the monthly payments necessary to amortize an 8.4% loan of 254,700 over 15 years.

Given that

P = 254,700

R = 8.4%

T = 15 Years

We know that

I = PTR / 100

I = ( 254,700 x 8.4 x 15 ) / 100

I = 320922

Amount A = P +I = 254,700 + 320922

= 575622

Monthly payments = Amount / Time T in months

= 575622 / 15x12

= 575622 / 180

= 3197.9