Answer:

The monthly payment is $2603.17

Step-by-step explanation:

The purchase price is = $445500

5% is down payment = 0.05times445500=22275

Loan amount is = 445500-22275=423225

The EMI formula is = frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }

p = 423225

r = 6.25/12/100=0.0052

n = 30*12 = 360

Putting the values in the formula we get:

frac{423225*0.0052*(1.0052)^{360} }{(1.0052)^{360}-1 }

= $2603.17

The monthly payment is $2603.17 approx