i just wroked it out...
a=150000
n=60
r=1.01
sub all that into the formula
150,000(1.01^60) - $M ((1.01^60)-1) x (0.01) / (1.01 -1) = 0
and then solve for m
you get $3336 monthly
your answer cant be right.. if he borrows 150,000 and he's paying 1% a month then the answer is going to have a...