Mortgages pb help pleaaase

Question

A home selling for $620,000 is to be purchased with a 30% down payment and the remainder financed through mortgage with monthly payments over 25 years. Determine the monthly payment if rates for such mortgage stand at 3.2%/year compounded semi-annualy.

Answer 1

Let M be the monthly instalment, the monthly effective rate is 0.2549061%.

the equation of value will be 0.7(620000)= M*a300(annuity certain payable in arrears)@Monthly effective rate of interest. The answer is $2098.68