EMI = $658.69
<u>Explanation:</u>
Amount of money, Principal P = $131,040
Time, n = 15 year , n = 180 months
Rate of interest, R = 6% per annum = 0.5% per month
Amount per month, EMI = ?
We know,
EMI = [ P X R X (1 + R)ⁿ] / [(1 + R)ⁿ⁻¹]
EMI = [131040 X 0.005 X (1+0.005)¹⁸⁰ ] / [(1+0.005)¹⁸⁰⁻¹
EMI = [655.2 X 2.454] / 2.441
EMI = $658.69
Therefore, EMI = $658.69
