What is the monthly payment for $280000 mortgage with an interest of 6% compounded monthly for 20 years?

The formula of the present value of an annuity ordinary is

Pv=pmt [ (1 - (1+r/k) ^ (-kn)) : (r/k) ]

Pv present value 280000

PMT monthly payment?

R interest rate 0.06

K compounded monthly 12

N time 20 years

Solve the formula for PMT

PMT=pv:[ (1 - (1+r/k) ^ (-kn)) : (r/k) ]

PMT=280,000: ((1 - (1+0.06:12) ^ (

-12*20)) : (0.06:12))

=2,006.01