Determine the payment to amortize the debt. (round your answer to the nearest cent.) monthly payments on $170,000 at 4% for 25 years.

The payment would be $ 897.32.

Step-by-step explanation:

Since, the monthly payment of a loan is,

Where, PV is the present value of the loan,

r is the monthly rate,

n is the total number of months,

Here,

PV = $170,000,

Annual rate = 4 % = 0.04

So, the monthly rate, r =  ( 1 year = 12 months )

Time in years = 25,

So, the number of months, n = 12 × 25 = 300

Hence, the monthly payment of the debt would be,

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