SOLUTION: Determine the periodic payments on the given loan or mortgage.(Round your answer to the nearest cent.) $1,000,000 borrowed at 7% for 25 years, with quarterly payments PMT=

Question 1198848: Determine the periodic payments on the given loan or mortgage.(Round your answer to the nearest cent.)
$1,000,000 borrowed at 7% for 25 years, with quarterly payments
PMT=
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
use the calculator at https://arachnoid.com/finance/ to solve this.
inputs to the calculator are:
pv = 1,000,000 dollars
fv = 0
np = 25 * 4 = 100 quarters
ir = 7% per year / 4 = 1.75% per quarter
payment is made at the end of each quarter.
output is:
pmt = -21,248.80 at the end of each quarter.

positive amount is what your receive.
negative amount is what you spend.
you received a loan of 1 million dollars and you have to pay out 21,248.80 dollars at the end of each quarter for 100 quarters (25 years).

here's what the output of the calculator looks like.

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