<h3>
Answer: Monthly Payment = $12,083.34</h3>
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Explanation:
i = P*r*t ... simple interest formula
i = (1,500,000)*(0.03)*(15)
i = 675,000
The amount of interest you need to pay is $675,000
The total amount to pay back is 1,500,000+675,000 = 2,175,000 dollars.
Divide this over 180 months (since 15 years = 15*12 = 180 months) to get
(2,175,000)/180 = 12,083.3333333333
This rounds up to the nearest cent to get 12,083.34
I rounded up to make sure to clear the hurdle. Note how
180*(12,083.33) = 2,174,999.4
which is a bit short of the 2,175,000 mark we're after
