Answer:
$696 (approx)
Explanation:
Given:
Loan amount(P) = $25,000
Years = 4
Interest rate = 15%
Number of total month(n) = 4*12 = 48
Monthly interest rate(r) = 15 / (12*100) = 0.0125
[tex]EMI = \frac{pr(1+r)^n}{(1+r)^n-1} \\EMI = \frac{25,000\times 0.0125(1+0.0125)^{48}}{(1+0.0125)^{48}-1}\\\\ EMI = \frac{312.5(1.0125)^{48}}{(1.0125)^{48}-1}\\\\ EMI = \frac{312.5(1.81535485)}{(1.81535485)-1}\\\\EMI = \frac{567.2983}{0.81535485}\\\\EMI = 695.7685[/tex]
