ISN'T THIS THE CORRECT FORMULA TO GET THE CORRECT ANSWER? 960000 = C x [1-(1/1+0.0775/12)^15X12]/0.0775/12 960000= C x [1-.3138744611]/0.0775/12 960000 = c X .6861255389/0.0064583333 960000 X .0064583333 = .6861255389C 6199.99968= .6861255389C 9036.25 = C If you agree with the above formula and answer then, unfortunately, no one came up with correct formula AND the correct answer. Please explain if you disagree with this. Thank you in advance for all the work. IN THE FORMULA BELOW, WHAT DOES THIS (0.777/12) REPRESENT AND HOW DID YOU GET IT? WHY NOT USE THE 7.75%? I need to know the formula used to find the answer of $9036.25 to the following question. Thank you The McDonald Group purchased a piece of property for $1.2 million. It paid a down-payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment? Amount finance = 1 200 000 x(1-.2)=960 000 960 000 = c x [ 1-(1/1+0.0775/12)^15 x12 / 0.777/12 ] 960 000 = c x 106.238 C=9036.25 this is the solution