$1681.76
Explanation
Step 1
Let
M = the total monthly mortgage payment.
P = the principal loan amount=98316
Annual Percentage Rate=1.02%=0.0102
montly rate=0.0102/12=0.00085
n = number of payments over the loan’s lifetime=5*12=60 months
then
[tex]M=P(\frac{r(1+r)^n}{(1+r)^n-1})[/tex]then, replace
[tex]\begin{gathered} M=98310(\frac{0.0102(1+0.0102)^{60}}{(1+0.0102)^{60}-1}) \\ M=98310(\frac{0.018}{1.0102^{60}}) \\ MonthlyPayment=$1,681.76$ \end{gathered}[/tex]I hope this helps you
