Question: Multiple-choice Question (1 point) It is reported that a 99-year license to use a parking spot at 42 Crosby in New York City is priced

Multiple-choice Question (1 point) It is reported that a 99-year license

Multiple-choice Question (1 point) 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 pur- chase? 0 Choose one of the following answers $842 $5,013 $10,101 $12,831

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