Answer:
The monthly payment is $2603.17
Step-by-step explanation:
The purchase price is = $445500
5% is down payment = \(0.05\times445500=22275\)
Loan amount is = \(445500-22275=423225\)
The EMI formula is = \(\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }\)
p = 423225
r = 6.25/12/100=0.0052
n = 30*12 = 360
Putting the values in the formula we get:
\(\frac{423225*0.0052*(1.0052)^{360} }{(1.0052)^{360}-1 }\)
= $2603.17
The monthly payment is $2603.17 approx
