Monthly payment | = | Loan amount | / | Present value of annuity of 1 | |||||
= | $ 4,12,500 | / | 183.6591 | ||||||
= | $ 2,246.01 | ||||||||
Working: | |||||||||
Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | ||||||
= | (1-(1+0.004271)^-360)/0.004271 | i | = | 5.125%/12 | = | 0.004271 | |||
= | 183.6591234 | n | = | 30*12 | = | 360 |
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