Answer:
$1,721.87
Explanation:
In this question we use the PMT formula that is shown on the attachment below:
Data provided in the question
Present value = $125,000
Future value or Face value = $0
Rtae = 11% ÷ 2 = 0.91666%
NPER = 10 years × 12 = 120 months
The formula is shown below:
= PMT(RATE;NPER;-PV;FV;type)
The present value come in negative
So, after solving this, the monthly payment is $1,721.87
