Answer:
$6042.23
Step-by-step explanation:
You want the monthly payment on a $1.2M loan at 1.95% interest repaid in 20 years.
Amortization
The payment is given by the amortization formula:
A = P(r/12)/(1 -(1 +r/12)^(-12·t))
where P is the amount borrowed, r is the annual interest rate, and t is the number of years.
The formula tells you the loan payment is ...
A = 1200000(0.0195/12)/(1 -(1 +0.0195/12)^(-12·20)) ≈ 6042.23
The monthly payment will be $6,042.23.
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Additional comment
You already need a calculator for this, so you may as well use the built-in payment calculation function.
