Answer
$R=\$ 1687.71 $
Total paid = $\$ 303,787.80$
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
$R=\displaystyle \frac{iA_{p}}{1-(1+i)^{-n}}$
---------------
$A_{p}=\$ 200,000$,
monthly = 12 times per year,
$i=\displaystyle \frac{0.06}{12}\approx 0.005$.
Over a $15$ year period,
$n=15(12)=180$,
$R =\displaystyle \frac{(0.005)(200,000)}{1-(1.005)^{-180}}=\$ 1687.71 $
Total amount paid $= 180( 1687.71) =\$ 303,787.80$
