5. Jonathan just bought an apartment in California which cost $ 10 million. The down payment was 30%, and the balance of his mortgage was $7 million. The borrowing interest rate is 3%. The term is 30 years. (60 points)

What is the Macaulay duration of this mortgage loan? (Note. The calculation can be done using Excel. On the exam, I will not ask you to do this type of calculation. But I may ask you to write down the procedures.) (40 points)