Answers
Loan Amount P = $10000000
Interest Rate = 6.17% or 0.0617/12 monthly
Number of payment periods = n = 360 months
Let monthly payments made be X
Hence, the sum of present value of monthly payments must be equal to the value of the loan amount
=> X/(1+r) + X/(1+r)2 +....+ X/(1+r)N = P
=> X[1- (1+r)-N]/r = P
=> X = rP(1+r)N/[(1+r)N-1]
Hence, Monthly Payments = rP(1+r)N/[(1+r)N-1]
= 10000000*( 0.0617/12)*(1+ 0.0617/12)360/((1+ 0.0617/12)360-1) = $61,052.36
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