The following question has already been answered and I have also inserted the answer given below for understanding of my question. I am confused on part's of the answer and hoped that someone could assist me. How do I calculate the PMT of 16.2 (so that I can solve for the YTM)? I understand where all of the other numbers come from, but for some reason, this is a hold up for me. Thanks.

Worldwide Widget Manufacturing, Inc., is preparing to launch a new manufacturing facility in a new location. The company has a capital structure that consists of debt and common and preferred stock. The company is considering changing the capital structure in conjunction with the launch of the new manufacturing facility. The manufacturing facility project is slated to the funded with 30 percent debt, 30 percent preferred stock, and 40 percent common stock. Worldwide Widget Manufacturing has 15 million shares of common stock outstanding. The shares sell at $24.63 per share. The company expects to pay an annual dividend of $1.50 one year from now, after which future dividends are expected to grow at a constant 7 percent rate. Worldwide Widget Manufacturings debt consists of 30-year, 9-percetn annual coupon bonds with a face value of $180 million and a market value of $185 million. The companys capital mix also included 200,000 shares of 12-percent preferred stock trading at par. If Worldwide Widget Manufacturing has a marginal tax rate of 32 percent, what weighted average cost of capital (WACC) should it use as it evaluates this project? cost of equity = dividend/price + growth rate =1.5/24.63 + 7% =13.09% 185=16.2*[1-(1+YTM)^-30]/YTM+180/1+YTM)^30 =>YTM =8.74% cost of debt = YTM * (1-tax rate) = 8.74% * (1-32%) =5.9432% cost of preferred stock = 12% WACC = 0.3 * 12% + 0.3 * 5.9432% + 0.4 * 13.09% = 10.62%