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A person wishes to purchase a house for ₹ 39,65,000 with a down payment of ₹ 5,00,000 and balance in equal monthly installments (EMI) for 25 years. If bank charges 6% per annum (compounded monthly), then EMI on reducing balance payment method is:

[Given (1.005)300=4.465(1.005)^{300} = 4.465]

Solution

✅ Correct Option: 1

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