The loan is 480,000 yuan, with an annual interest rate of 5.455%, and the loan is 15 years. How much is the monthly repayment? How much do you pay back every year?
The monthly interest rate is 5.455%/ 12.
Monthly payment is 480,000 15 (180 months):
480000 * 5.455%/ 12 * ( 1+5.455%/ 12) 180/[( 1+5.455%/ 12)]
Annual repayment: 3910.55 *12 = 46926.6.
Description: 180 is the power of 180.