A bank loans a family $90,000 at 4.5% annual interest rate

Last updated: 7/21/2022

A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15 years? Show all your calculations