Answer: $1,540,194.30 .
Step-by-step explanation:
The formula to calculate the accumulated amount earned on principal (P) at rate of interest (r)[ in decimal] compounded monthly after t years :
[tex]A=P(1+\dfrac{r}{12})^{12t}[/tex]
Given: P= $425,000
r= 4.3% = 0.043
t= 30 years
[tex]A=425000(1+\dfrac{0.043}{12})^{12(30)}\\\\=425000(1.003583)^{360}\\\\=425000\times3.62398657958\approx1540194.30[/tex]
Hence, the payment would be $1,540,194.30 .
