Wings and More purchased a piece of property for $1.8 million.It paid a down payment of 20 percent in cash and financed the balance.The loan terms require monthly payments for 15 years at an annual percentage rate of 4.60 percent,compounded monthly.What is the amount of each mortgage payment?

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Amount borrowed = $1,800,000 × (1 - 0.20)= $1,440,000 $1,440,000 = C({1 - 1 / [1 + (.046 / 12)]^15×12} / (0.046 / 12)) C = $11,089.64 11ea5bb7_de38_d284_8724_4f43e850e5f1_TB1005_00

Wings and More Purchased a Piece of Property for $1