Question 1194576

buying  price = {{{87000}}}

interest rate = {{{6.3}}}% = {{{0.063}}}-> monthly interest rate= {{{0.063/12=0.00525}}}
time = {{{20}}} years => {{{240}}} months ({{{20 * 12}}})

let {{{M}}} be monthly payment


{{{87000=(M/0.00525)(1-1/(1+0.00525)^240)}}}


{{{87000*0.00525=M(1-0.28459048383728347)}}}


{{{456.75=M(0.71540951616271653)}}}


{{{M=456.75/0.71540951616271653}}}

{{{M=638.4455192179948}}}...Round  to two decimal places


Monthly payment is  {{{M=638.45}}}