Answer:
Monthly payment is $151,567.83
Explanation:
Monthly Payment can be calculated using following formula
Value of Mortgage = Monthly payment x ( 1 - ( 1 + Monthly Interest rate )^-Numbers of months / Monthly iNterest rate
Where
Value of Mortgage = $13,200,000
Monthly Payment = ?
MOnthly Interest rate = 6.75% / 12 = 0.5625%
Numbers of months = Tem of Mortgage x 12 = 10 years x 12 = 120 months
Placing values in the formula
$13,200,000 = Monthly payment x ( 1 - ( 1 + 0.5625% )^-120 / 0.5625%
$13,200,000 = Monthly payment x 87.08972
Monthly payment = $13,200,000 / 87.08972
Monthly payment = $151,567.83
