I got that one wrong but still do not understand

CFA Level I
#1

ok I keep getting that one wrong and I’m still not OK with the answer (I realise that it should be an easy Q but still I’m missing something) can someone help ? An investor is considering the purchase of a 20-unit apartment building that is 10 years old and in excellent condition. The asking price is $700,000. The investor plans to contribute $140,000 in cash and finance the balance of the purchase with a $560,000 mortgage loan at 10% interest for 30 years with monthly payments. The monthly payments would be closest to: A. $1,556 B. $4,667 C. $4,914 D. $4,950 Thanks

#2

take $560,000 as PV, 10/12 as I, 30*12 as N, calculate the PMT for the monthly payment.

#3

with my TI-BAII plus, it is C. $4,914 . I/Y=10 P/Y=12 (monthly payment) C/Y=12 N=360 PV=560,000 FV=0 -->PMT=4914

#4

C?

#5

damn me !!! MONTHLY payments !! thanks guys, I guess that gross mstakes like that mean that I need a break …

#6

you need a beer

#7

I get D

#8

You need at least 2 ;p like everybody does!

#9

hmmm. I’m doing it again and I get C. Not even sure how I got D the first time