Question: Consider a level-payment mortgage, the initial principal is M 0 =1 million, the coupon rate is c=5% per period, and there are n=20 payment period

Consider a level-payment mortgage, the initial principal is M₀=1 million, the coupon rate is c=5% per period, and there are n=20 payment period in total. Compute the amount of each payment B. Round your answer to the second decimal place

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