APR math homwork

Question

Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced.

Use this Monthly Payments for Long-Term Loans Rule of Thumb to estimate the monthly payment on a loan of $200,000 at an APR of 6% over a period of 24 years.

The monthly payment is at least $

Answer 1

Assuming that the yearly rate is the same as the APR (usually not yet your do not specify):

monthly payment is at least $20000(0.005) or $1000.