Robert is selling his home to his good friend, Lisa. Robert is selling his waterfront multi-storey home for $3,950,000, and he will take back a mortgage for $2,000,000 at a contract rate of j₂ = 4.5%, with a 25-year amortization period, a 3-year term, and monthly payments rounded up to the next higher $10.

Question 1

Calculate the required monthly payment for this loan.

$12,210

$9,240

$11,070

$10,270