My amount of money is _ 131,040

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

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