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26 November, 14:18

My amount of money is _ 131,040

A 15 year loan with an interest rate of 6% would cost me___a month?

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  1. 26 November, 14:24
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    EMI = $658.69

    Explanation:

    Amount of money, Principal P = $131,040

    Time, n = 15 year, n = 180 months

    Rate of interest, R = 6% per annum = 0.5% per month

    Amount per month, EMI = ?

    We know,

    EMI = [ P X R X (1 + R) ⁿ] / [ (1 + R) ⁿ⁻¹]

    EMI = [131040 X 0.005 X (1+0.005) ¹⁸⁰ ] / [ (1+0.005) ¹⁸⁰⁻¹

    EMI = [655.2 X 2.454] / 2.441

    EMI = $658.69

    Therefore, EMI = $658.69
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