Question

Dora is purchasing a $162,000 home with a 30-year mortgage at 5.15%. What is her monthly principal and interest payment?

Answer 1

The formula for EMI is :

\[\frac{ p*r*(1+r)^{n}}{ (1+r)^{n} - 1 }\]

Here p = 162000

r =5.15/12/100=0.004292

n = 30 x 12=360

Now putting the values in the formula we get,