5. Illustrating Amortization. Heather McIntosh of Watertown, South Dakota, recently purchased a home for $190,000. She put $25,000 down and took out a 25-year loan at 5.5 percent interest.

(a) Determiner her monthly payment.

N 25 x 12 = 300

I/Y 5.5 / 12 = 0.4583

PV 190,000 - 25,000 = 165,000

PMT CPT

FV 0