PLEASE HELP!!! Monthly payment word problem with financial applications!

Question

anonymous · Answer

Misty is buying a house for $385,000. She is financing $345,500 and obtained a 15-year, fixed-rate mortgage with a 4.875% interest rate. How much are her monthly payments?

anonymous · Answer

I cant get a good answer :( this is what ive done so far:

M=345500 .40625(1+.40625)^180/ (1+.40625)^180-1 but cant seem to find right answer :(

anonymous · Answer

Monthly interest rate is 0.04875/12 = 0.0040625.
Number of payments = 15 * 12 = 180.

Discounted value of all those payments must add up to 345,500.

anonymous · Answer

ohhhh i forgot to make it into decimal :-/ oops haha thanks!

anonymous · Answer

yay! found answer thanks so much!!

anonymous · Answer

Cool!

anonymous · Answer

http://www.interest.com/mortgage/calculators/mortgage-calculator/