Calculator problem – 04/06/2015

You borrow $1,500,000 at 30 day LIBOR with a 1 3/4 spread amortized over 18 years.  If LIBOR is 17 basis points today, what is your payment?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to https://www.facebook.com/garyjohnstonseminars for the answer.)

Answer for 03/23/2015:

(N=240,I=5%,PV=333,333.33,FV=0) PMT= -2,199.85