HOW DO YOU SOLVE THIS? PLEASE EXPLAIN USING FORMULA (NOT EMI) AND FINANCE CALCULATOR STEPS. It is reported that a 99-year license to use a parking spot at 42 Crosby in New York City is priced at $1 million. The licensee will have to cease using the parking spot thereafter. If the interest rate is fixed at 0.5% per month for the next 99 years, what is the fixed monthly payment on an equivalent 99-year mortgage to finance this purchase?

A) $842

B) $5,013

C) $10,101

D) $12,831