you have a home purchased for 250,000 at 6% for compound monthly for 30 years, how much is the montly payments

Solution:

Because it's compound monthly, so

30 years = 30*12 months = 360 months

Monthly rate = 6%/12 = 0.5%

So the total cost = $250,000*(1+0.005)^360 = $1,505,643.8

Monthly payment = $1,505,643.8/360 = $4,182.3

So monthly payment is $4,182.3