Answers
(1 + Effective annual rate) = (1 + Monthly interest rate)^12
(1 + 0.05375) = (1 + Monthly interest rate)^12
1 + Monthly interest rate = 1.0043725
Monthly interest rate = 0.0043725 or 0.43725%
Amount borrowed = $180,000
Period = 30 years or 360 months
Let monthly payment be $x
$180,000 = $x/1.0043725 + $x/1.0043725^2 + … + $x/1.0043725^359 + $x/1.0043725^360
$180,000 = $x * (1 - (1/1.0043725)^360) / 0.0043725
$180,000 = $x * 181.153545
$x = $993.63
Monthly payment = $993.63
Your monthly payment will be $993.63
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