Mr. X wishes to purchase a flat for Rs. 44,65,000 with a down payment of Rs. 10,00,000 and balance in equated monthly installments (EMI) for 25 years. If the bank charges 6% per annum compounded monthly, the EMI is:

[Given: $(1.005)^{300} = 4.4650$]

Rs. 22,325

The correct answer is Option (3) → Rs. 22,325

Loan amount (principal) = Rs. 44,65,000 − Rs. 10,00,000 = Rs. 34,65,000

Monthly rate = $\frac{6\%}{12} = 0.5\% = 0.005$

Number of months = $25 \times 12 = 300$

EMI formula: $EMI = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1}$

Given $(1+ r)^n = (1.005)^{300} = 4.4650$

Substitute values:

$EMI = 3{,}465{,}000 \times \frac{0.005 \times 4.4650}{4.4650 - 1}$

$EMI = 3{,}465{,}000 \times \frac{0.022325}{3.465}$

$EMI = \frac{3{,}465{,}000 \times 0.022325}{3.465} = 22{,}325$

EMI = Rs. 22,325 per month