where PMT is the monthly mortgage payment, A is the amount of the mortgage, is the interest rate per payment period, and nt is the total number of payments. n To find, divide the annual rate r = 0.0829 by the number of payments per year, 12. n r 0.0829 0.0829 12 To find nt, multiply the number of payments per year, 12, by the number of years of the mortgage, 10. nt = 12 - 10 = 120 120 Part 2 of 2 0.0829 12 Substitute A = 221,600, r the nearest cent. and nt = 120 into the equation and evaluate. Round your answer to n PMT = A 1- (1 + r)-nt 0.0829 12 11 1-(1 + 0.0829 12 = $ Submit Skip