I need help with the following problem.

"A person is going to buy a house. The cost of the house is $300,000,
and the person is going to make a 15% down payment. The balance will be
financed with a 30-year mortgage at 6% APR, with monthly payments. Using
the PMT function, calculate the amount of the monthly payment, the total
amount paid in 30 years, and the total interest paid."

Ok I think the pmt function is PMT(.06/12,30*12,255,000)

Is that correct?

What does he mean by "Using the PMT function, calculate the amount of
the monthly payment, the total amount paid in 30 years, and the total
interest paid."?

Thanks for any help!!!


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SMAlvarez
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