His monthly payment to the nearest dollar of the loan taken over 25 years = $4,391.67
The mortgage capital = $620,000
The rate of payment of interest= 4.5%
The period for the payment = 25 years.
Simple interest
= p×T×R/100
= $620,000 × 25 × 4.5/100
= 69750000/100
= $697,500
Therefore the total amount of money that will be generated = $620,000 + $697,500 = $1,317,500
Therefore the monthly payment,
= $1,317,500/12×25
= $4,391.67
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