Homework Answers
Answer is $1,862,816
Monthly payment = $10,000
Number of payments = 360 (30 years)
Annual interest rate = 5.00%
Monthly interest rate = 5.00% / 12
Monthly interest rate = 0.4167%
Present value = $10,000/1.004167 + $10,000/1.004167^2 + … +
$10,000/1.004167^359 + $10,000/1.004167^360
Present value = $10,000 * (1 - (1/1.004167)^360) / 0.004167
Present value = $10,000 * 186.2816
Present value = $1,862,816
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