Your home mortgage is $300,000 for 30 years with a nominal annual rate of 7%. The monthly payment is most nearly:
Solution: n = 360 months interest = 7%-annual ÷ 12-months/year
= 0.583% per month
$300,000(A/P, 0.00583, 360) = Apply the equation:
i (1+i)^{n}/ (1+i)^{n} -1
= 0.006650339
A = 300,000 x 0.006650339 = $1,995.10 per month