Answer :
The amount of money that Nelson will be paid each month is equal to: C. $7804.00.
Given the following data:
- Principal = $1,000,000.
- APR = 4.8% = 0.048.
- Time = 15 years.
Note: Interest rate, r = 0.048 = 0.048/12 = 0.004.
How to calculate monthly payment?
Mathematically, the monthly payment for an investment is given by this formula:
[tex]M=P(\frac{r}{1-(1+r)^{-nt}} )[/tex]
Where:
- P is the principal.
- r is the interest rate.
- M is the monthly payment.
- t is the time.
- n is the number of times it's compounded.
Substituting the given parameters into the formula, we have;
[tex]M=1000000(\frac{0.004}{1-(1+0.004)^{-12 \times 15 }} )\\\\M=1000000(\frac{0.004}{1-(1.004)^{-180 }} )\\\\M=1000000(\frac{0.004}{1-0.487452})\\\\M=1000000(\frac{0.004}{0.512548})\\\\M=1000000 \times 0.007804[/tex]
M = $7804.00.
Read more on interest rate here: https://brainly.com/question/24341207
#SPJ2