Effective monthly interest rate, r = 12% / 12 = 1%, Now, the calculation of fixed monthly payment is as follows, Fixed Monthly Payment = P * r * (1 + r) n / [ (1 + r) n – 1] = $1,000,000 * 1% * (1 + 1%) 120 / [ (1 + 1%) 120 – 1] Fixed Monthly Payment will be –, Fixed Monthly Payment= $14,347.09 ~ $14,347,