Problem:
The Chicago Sun Times reported on August 21, 2009, that nearly 14% of home mortgages in Illinois were in foreclosure or behind on payments. This is up from 9% a year earlier. Illinois ranks 17th in the nation for foreclosures started. This dismal news presented an opportunity for Norton Frank, who purchases repossessed homes. Currently he is looking at purchasing a home for $192,000 with a market value of $211,000. The terms are 5.5% for 15 years with 20% down. What will the monthly payment be on this property?