Please explain this problem in more debt. including the formula to be used to solve the problem. Use monthly compounding to solve this problem. Assume you purchased a house on January 1, 2020 for $200,000. You had made a down payment of 20% on the house and the balance was financed with a 30 year loan at 5% per annum stated APR with monthly payments to be made beginning January 1, 2020. What are your monthly payments?