we know that
P = A/D
Where,
P = monthly payments,
A = Total amount =$1,000,000
[tex]D=[(1+r/12) ^{12*t}-1]/[(r/12)*(1+r/12)^{12*t}] [/tex]
in this problem
t=30 years
r=8%----> 0.08
[tex]D=[(1+0.08/12) ^{12*30}-1]/[(0.08/12)*(1+0.08/12)^{12*30}] =136.2835[/tex]
[tex]P=1000000/136.2835-----\ \textgreater \ P=$7337.65[/tex]
the answer is
$7337.65
