Does anyone know the correct answer?
1 answer:
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We know that
P = A/D
Where,
P = monthly payments,
A = Total amount =$1,000,000
![D=[(1+r/12) ^{12*t}-1]/[(r/12)*(1+r/12)^{12*t}]](https://tex.z-dn.net/?f=D%3D%5B%281%2Br%2F12%29%20%5E%7B12%2At%7D-1%5D%2F%5B%28r%2F12%29%2A%281%2Br%2F12%29%5E%7B12%2At%7D%5D%20%20)
in this problem
t=30 years
r=8%----> 0.08
![D=[(1+0.08/12) ^{12*30}-1]/[(0.08/12)*(1+0.08/12)^{12*30}] =136.2835](https://tex.z-dn.net/?f=D%3D%5B%281%2B0.08%2F12%29%20%5E%7B12%2A30%7D-1%5D%2F%5B%280.08%2F12%29%2A%281%2B0.08%2F12%29%5E%7B12%2A30%7D%5D%20%3D136.2835)
the answer is
$7337.65
P = A/D
Where,
P = monthly payments,
A = Total amount =$1,000,000
in this problem
t=30 years
r=8%----> 0.08
the answer is
$7337.65