Answer:
$112,734.03
Explanation:
For a quarterly payment 'A' of $2,200,
rate per quarter 'r' of 1.2%,
and number of quarters 'n' of (20years * 4 quarters/year) = 80 quarters.
The size of the mortgage =
[tex]\frac{A[1-(1+r)^{-n}] }{r} \\=\frac{2,200[1-(1.012)^{-80}] }{0.12}[/tex]
= $112,734.03.
