Problem:
Harold Hawkins bought a home for $320,000. He made a down payment of $45,000; the balance will be paid off over 30 years at a 6.775% rate of interest.
Required:
Question: How much will Harold's monthly payments be?
- $1,450
- $1,788
- $3,200
- $1,682
Note: Explain all steps comprehensively.