Which of these expressions can be used to calculate the monthly payment for a 20-year loan for $215,000 at 5.4% interest, compounded monthly?

answer:

option a.

step-by-step explanation:

for the calculation of e.m.i we use the formula as

where p = principal amount

r = rate of interest per month

n = number of installments

from the question the given values are

r = 0.054/12 = 0.0045

n = 20×12 = 240

p = $215000

by putting these values in the formula

so option a. is the right answer.

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step-by-step explanation: