Problem:
You put down 20% on a home with a purchase price of $150,000, or $30,000. The remaining balance will be $120,000. The bank will loan you this remaining balance at 4.375% APR. You will make monthly payments with a 20-year payment schedule.
Required:
Question: What is the monthly annuity payment under this schedule?
Note: Please describe comprehensively and provide step by step solution.