Daphne purchased a home for $296,000. she put 20% down with a mortgage rate of 6% for 30 years. what's daphne's monthly payment?

A = P*i/(1 -(1 +i)^-n)
where A is the payment, P is the financed amount, i is the periodic interest rate, and n is the number of periods.

A = (0.8*296000)*.005/(1 -(1.005)^-360) = 1419.74

Daphne's monthly loan payment will be $1419.74.