Mr. Dharmendra Patel purchased a motorcycle of Rs 150000 with Rs Rs 25000 down payment. He wishes to repay balance in equal monthly payments in 4 years. If  bank charges 9% p.a. compounded monthly, calculate the EMI.

(Given $(1.0075)^{48}=1.4314)$

₹3110.66

The correct answer is option (1) : ₹3110.66

Cost of motorcycle = ₹150000

Cash payment = ₹25000

So, balance =₹150000- ₹25,000

$= ₹125000$

Given $P= ₹125000, n = 12× 4= 48\, months $

$i=\frac{9}{1200}= 0.0075$

$∴EMI=\frac{125000×0.0075(1.0075)^{48}}{(1.0075)^{48}-1}$

$= ₹3110.66$