Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $256,000 condominium bought with a 30% down payment and the balance financed for 30 years at 3.05%

The objective here is to find the monthly payment for the given loan.

Given: Price of condominium =$256000, down payment=30%, time=30 years, r(interest rate)=3.05%=0.0305, n=12 for monthly payment

The monthly payment can be find using the below formula:

$\text{Montly payment}=A\left[\frac{\frac{r}{n}}{1-{\left(1+\frac{r}{n}\right)}^{-nt}}\right]$

Where A is amount of loan that can be find, as

$\begin{array}{c}A=\text{Price}-\text{Down payment}\\ =\$256000-30\%\times \text{\$256000}\\ =\$256000\left(1-\frac{30}{100}\right)=\$256000\times \frac{70}{100}\\ =\$179200\end{array}$