How do you get the monthly annuity payment on a 30 year mortgage where payments are made monthly, the loan amount is $314,192, and the annual loan rate is 4%?

 

Question 2.) Applications of an Ordinary Annuity to Loan to Calculate the Amount of the Loan Payment

 

Suppose a company wants to borrow $1,404,716 for 10 years and the lender requires that the payments be made every year, and the interest rate on the loan is 7%. The loan calls for the same dollar amount to be paid every year so that each annual payment includes interest on the loan, but part of the payment includes principal repayment.