Emma is considering buying her first home. the house she is interested in buying is priced at $141,000. emma qualifies for a 30-year mortgage at 5.15%. what will her monthly mortgage payment be?

The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value 141000
PMT monthly payment?
R interest rate 0.0515
K compounded monthly 12 because the payment is monthly
N time 30 years
We need to solve for pmt
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
PMT=141,000÷((1−(1+0.0515÷12)^(
−12×30))÷(0.0515÷12))
=769.90...Answer