Interest - only payment calculation topic

Is the amortization period 7 years? If so, here's what you do:

You'll need to use the present value formula and another for the interest because the payment intervals don't match the compounding period of quarterly. The present value owing is \(P = 345,000\)

\(R=\frac{P\times i}{\left[\left(1-\left(1+i\right)^{-n}\right)\right]}\)

\(i=\left(1+\frac{r}{m}\right)^{\frac{m}{12}}-1\)

Where:

i = interest rate per compounding period
r = rate provided per compounding period > 4.75% > 0.0475
m = frequency of compounding > 4

\(i=\left(1+\frac{0.0475}{3}\right)^{\frac{3}{12}}-1\)

\(i=0.003935\)

If the payments are made bi-weekly, you'll make 24 payments in a year times 7 = 169. Therefore:

\(n = 169\)

\(R=\frac{375000\times 0.003935}{1-\left(1+0.003935\right)^{-169}}=3,024.13\)

This is not the answer.. the answer is $627.15