Which of these expressions can be used to calculate the monthly payment for a 30-year loan for $195,000 at 6.6% interest, compounded monthly?

The correct answer is Monthly payment = [ P * (1 + r/n)ⁿˣ]/nx

Step-by-step explanation:

Let's calculate the monthly payment for this loan, using the compounded interest formula, this way:

Monthly payment = [ P * (1 + r/n)ⁿˣ]/nx

where P, is the amount of the loan without interests, r is the interest rate, n is the number of times the interest is applied per period and x the number of time periods elapsed.

Replacing with the real values, we have:

P = 195,000

r = 6.6% = 0.066 compounded monthly

n = 12 times the interest rate is applied per year

x = 30 years

Monthly payment = [195,000 * (1 + 0.066/12)³⁶⁰]/360

Monthly payment = $1,404,693.55/360

Monthly payment = $ 3,901.92

The correct answer is Monthly payment = [ P * (1 + r/n)ⁿˣ]/nx

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