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