Lenny D. answered • 05/10/20

Financial Professional with many years of Wall Street Experience

We use the annuity fromula. The effective monthly rate is 4.15%/12. We have 13 years with 12 month per year so we have a total of 156 payments.

We know PV=PMT*B(i,t) where B=(1/i)(1-(1/(1+i))^{T}) = (12/.0415)(1- (1/(1 + .0415/12))^{156}) = 120.4098

your monthly payment = PV/B = 35,000/120.4098 =290.673 per month

Hope this helps