Answer:
$1169.45
Step-by-step explanation:
Using the formula:
[tex]P = L \Big( \dfrac{c(1+c)^n}{(1+c^n) -1} \Big)[/tex]
where;
Loan amount L = 160000
number of months (n) = 20 × 12 = 240
Lets assume that the interest rate per month c = 6.25% since it is not given.
i.e. (6.25/( 100*12) ) = 5.208 × 10⁻³
∴
[tex]P = 160000 * \dfrac{5.208 *10^{-3} (1+5.208 *10^{-3})^{240}}{(1+5.208 *10^{-3})^{240}-1}[/tex]
P = $1169.45
