We have to use mortgage formula to find monthly payment here.
The formula is
[tex] M = P ( \frac{r(1+r)^n}{((1+r)^n -1)} ) [/tex]
Where, M = monthly payment, P = principal amount, r = rate of interest, n = number of payments.
Here given, P = 375,000,
r = 4.6% annually = [tex] \frac{4.6}{12} [/tex]% monthly = 0.3833333% = 0.00383333.
As 15 years given and we know there are 12 months in a year.
So n = [tex] (15)(12) =180 [/tex]
Now by plugging in all the values in the formula we will get,
[tex] M = 375000(\frac{(0.00383333)(1+0.00383333)^{180}}{((1+0.00383333)^{180}-1)} ) [/tex]
By calculating them we will get, M = $2888 ( Approximating to the nearest whole number)
So we have got the required answer.
Option 4 is correct here.
