Each time an Amortization problem is posted, I'm puzzled . . .If I buy a house and pay $118,500 for it and put $6500 down payment on it
and finance the remainding with a 30-year loan and 7½% interest,
what would my monthly payment be?
There is a formula for this type of problem.
If it hasn't been given to you, this problem should not have been assigned.
. . (Unless they seriously expect you to derive the Amortization Formula.)
If it has been given to you, exactly where is your difficulty?