P = A/D
Where, P = monthly payments, A = Total amount =$1,000,000
[tex]D = \frac{ (1+ \frac{r}{12}) ^{12t} -1}{ \frac{r}{12} (1+ \frac{r}{12} )^{12t} } [/tex]
t= 30 years
r= 8% = 0.08
Therefore,
[tex]D= \frac{ (1+ \frac{0.08}{12}) ^{12*30} -1}{ \frac{0.08}{12} (1+ \frac{0.08}{12}) ^{12*30} } [/tex] = 136.28
Then,
P= 1000000/136.28 = $7,337.65
