Answer:
Total Amount: $ 1,612,176.2 , after 1st month he is supposed to pay $221833.3, after 2nd month his amount becomes $223681.94
Explanation:
Amount=P(1+r/n)^nt
P: principal
r: interest rate
n: number of compoundings
t: number of years
A= 220,000×(1+0.1/12)^(12×20)
A= $ 1,612,176.2
After 1st Month
A= P + P×r×t
A= 220000+ 220000×0.1×1/12
A= $ 221833.33
For 2nd month, P= 221833.33
A= 221833.3+221833.3×0.1×1/12
A=$ 223,681.94
