Homework Answers
Number of periods = 44 * 12 = 528
Rate = 6% / 12 = 0.5%
Future value = Payments * [(1 + r)^n - 1] / r
1,000,000 = Payments * [(1 + 0.005)^528 - 1] / 0.005
1,000,000 = Payments * [13.921326 - 1] / 0.005
1,000,000 = Payments * 2,584.265225
Payments = $386.96
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