Assume your aunt bought her house on December 31, and she took a mortgage in the amount of $2,000,000 to finance her purchase. The mortgage has an annual percentage rate of 3%, it calls monthly payments, beginning on January 31, and the mortgage is to be amortized over 30 years.

What is the monthly payment for the 30-year mortgage?

If the annual percentage rate is a real rate, what is the annual nominal rate if the annual

inflation rate is 1%? Assume fixed inflation rate.