What is the monthly payment on a 15year loan of 80800 if the

What is the monthly payment on a 15-year loan of $80,800 if the annual interest rate is 12%?

15 year loan

principal amount = $ 80,000

interest rate = 12%

applying formula to find the monthly payment

P = r( PV) / 1 - (1+r)^-n

r = .12/ 12 = .01

n = 15*12 = 180

plugging the values in the formula we get

P = .01( 80,800) / 1 - (1+.01)^-180

P = 808 / .83321

P = 969.74

hence, monthly payment is $ 969.74