Amortization Loan: The average rate for a 30-year fixed mortgage was 3.625% when you purchased your home. You made a down payment of 20% on a home purchase of $542,000. a. Find the monthly payment needed to amortize this loan. PMT=[i1(1+i)nPV]=1(1+i)nPVi Where PMT is payment at the end of each period, PV is present value, and i=mr is the interest rate per period, r is the annual interest rate, m is the number of periods per year, and n is total number of periods. Amortization Payments A loan of PV dollars at interest rate i per period may be amortized in n equal periodic payments of PMT dollars made at the end of each period, where PMT=[i1(1+i)n]PV=1(1+i)PVi