The McHenry Group purchased a piece of property for $900,000…
The McHenry Group purchased a piece of property for $900,000. The McHenry Group financed this purchase by taking out a loan for $900,000. The loan terms require monthly payments for 10 years at an Annual Percentage Rate (APR) of 6.6% compounded monthly. The first monthly mortgage payment will be made one month from today. What is the amount of each mortgage payment?