I need the correct answer
It’s keeps Marking me wrong

The Monthly payment is $1257.5

Step-by-step explanation:

We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as

S = R[{(1 + r)^n - 1)}/r][1 + r]

Where

S represents the future value of the investment.

R represents the regular payments made(could be weekly, monthly)

r = represents interest rate/number of interval payments.

n represents the total number of payments made.

From the information given,

S = $550000

r = 0.055/12 = 0.00458

n = 12 × 20 = 240

Therefore,

550000 = R[{(1 + 0.00458)^240 - 1)}/0.00458][1 + 0.00458]

550000 = R[{(1.00458)^240 - 1)}/0.00458][1.00458]

550000 = R[{(2.994 - 1)}/0.00458][1.00458]

550000 = R[(1.994)/0.00458][1.00458]

550000 = R[435.371][1.00458]

550000 = 437.365R

R = 550000/437.365

R = 1257.5

u bout ugly as   a mf

step-by-step explanation: lol