Answer:
You'll need to look at the attached formula.
Annual Payout = 500,000 * .12 * (1.12)^15 / [(1.12)^15 -1]
Annual Payout = 500,000 * .12 * 5.4735657593 / [ 5.4735657593 -1]
Annual Payout = 500,000 * .12 * 5.4735657593 / [4.4735657593]
Annual Payout = 60,000 * 5.4735657593 / [4.4735657593]
Annual Payout = 73,412.12
Source: http://www.1728.org/annupay.htm
That's a LOT of calculating :-)
Step-by-step explanation:
