The monthly payment of the family is $1082.84.
Value of the mortgage P= $195,000
Annual Percentage Rate APR= 5.3%
Time n = 30 years = 360 months
What is the formula for monthly payment or EMI?
Monthly Payment = [tex]\frac{Pr(1+r)^n}{(1+r)^n-1}[/tex]
Where P = Amount of Mortgage
r = monthly rate of interest
n = tenure in months.
Put P = $195,000
r = APR/12= 5.3%/12
n = 360
So, EMI = $1082.84
Therefore, The monthly payment of the family is $1082.84.
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