Answer
$R=\$ 733.76$
Total paid = $\$ 264,153.60$
Work Step by Step
(see p. 870)
If a loan $A_{p}$ is to be repaid in
$n$ regular equal payments with
interest rate $i$ per time period,
then the size $R$ of each payment is given by
$R=\displaystyle \frac{iA_{p}}{1-(1+i)^{-n}}$
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$A_{p}=\$ 100,000$,
monthly = 12 times per year,
$i=\displaystyle \frac{0.08}{12}\approx 0.006667$.
Over a $30$ year period,
$n=30(12)=360$,
$R =\displaystyle \frac{(\frac{0.08}{12})(100,000)}{1-(1+\frac{0.08}{12})^{-360}}=\$ 733.76$
Total amount paid $= 360(733.76) =\$ 264,153.60$.
