Not POSITIVE of this scenario
Present value of ordinary annuity
PV = C * ( 1-(1+i)-n ) /i i = .0279 / 12 n = 8 yr * 12 mos = 96 PV = 28250 find 'C'
C = payments = $ 328.67
Total payments = 96 * 328.67 = $ 31552.58 interest = 31552.58 - 28250 = $ 3302.58