Answer :
Monthly mortgage payments is $2,036.82
EMI = [P × I ×[tex](1+I)^N[/tex]] / [[tex](1+I)^N[/tex]-1]
P =loan amount or Principal = 280,000
I = Interest rate per month = 6.19/12 %
[To calculate rate per month: if the interest rate per annum is 14%, the per month rate would be 14/(12 x 100)]
N = the number of installments = 20×12 = 240
EMI = [280000 × (.0619/12) × (1+[tex](.0619/12))^2^4^0[/tex]] / [(1+[tex](.0619/12))^2^4^0[/tex] -1]
= (1444.33333333 × 3.4377525513) / (3.4377525513-1)
= 4965.26060158/2.4377525513
= 2036.82
In order to pay back your loan, you must make a monthly payment to the lender. The conditions of your home loan determine how much you pay each month. Both the principle, or the actual amount owed on the loan, and the interest are included in this.
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