Question

After moving to Boston, Massachusetts, USA, Larry Summers borrowed $1,000,000 for a thirty year mortgage at a rate of 5% per annum. (His bank uses the US convention of quoting mortgage rates on a compounded monthly basis.) Larry will pay an equal amount each month, starting one month from now, for 30 years. His final payment will be exactly 30 years (or 360 months) from now. How large is Larry's monthly mortgage payment? (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit $ sign in your response.) Numeric Response

Answer 1

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c10 e fo=PMT(C5,C6,-C3) AB 100000 5% Loan Amount Interest rate per year Interest rate per month No of Periods No. of years 0.4166666666667% 360 30 Equated Monthly Installment Formula used above $536.82 PMT(C5,C6,-C3)