you decide to buy a home for 1000000 you approach, Macroeconomics

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you decide to buy a home for 1000000 you approach

You decide to buy a home for $1,000,000. You approach two banks for financing. The first requires a 10% down payment and requires monthly payments on a 20 year mortgage sufficient to earn it an effective annual yield of 12%. The second bank also needs a 10% down payment but quotes a 12% annual rate which is compounded monthly (to yield a higher effective annual rate). What are the monthly payments on the respective mortgages

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Macroeconomics: you decide to buy a home for 1000000 you approach

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