Abbey purchased a house using a fixed rate mortgage. the annual interest rate is 4.2% compounded monthly for 20 years. the mortgage amount is $235,000. what is the monthly payment on the mortgage? this isn't a multiple choice question have to show my work

Monthly payment is $1448.82

Step-by-step explanation:

Given : Abbey purchased a house using a fixed rate mortgage. The annual interest rate is 4.2% compounded monthly for 20 years. The mortgage amount is $235,000.

To find : What is the monthly payment on the mortgage?

Solution : First we find the monthly payment

Formula of monthly payment  

Monthly payment,  

Discount factor  

Where, Amount = $235,000

Rate r= 4.2%=0.042  

Time = 20 years  

Now, put all the values we get,  

Monthly payment,  

Approximately,monthly payment is $1448.82

i believe the answer is the polygon, heptagon.