Ask Question
17 March, 18:38

My amount of money is _ 131,040

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

+2
Answers (1)
  1. 17 March, 20:17
    0
    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
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “My amount of money is _ 131,040 A 15 year loan with an interest rate of 6% would cost me___a month? ...” in 📙 Social Studies if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers