Vishnu purchased a house from a company for ₹7,00,000 and make a down payments of ₹1,50,000. He repays the balance is 25 years by monthly installments at 9% compound monthly. What are monthly payments?

[Given that $(1.0075)^{-300}=0.1062878338]$

₹4,615.58

The correct answer is option (1) → ₹4,615.58

To calculate Vishnu's EMI,

$EMI=\frac{P×r(1+r)^n}{(1+r)^n-1}$

$P$ = Loan Amount = 7,00,000 - 1,50,000 = 5,50,000

$r$ = Monthly interest rate = $\frac{9}{12}=0.75\%$

$n$ = Loan term = 25 year × 12 = 300 months

$EMI=\frac{5,50,000×0.0075×(1.0075)^{300}}{(1.0075)^{300}-1}$

$=\frac{32,411.4}{6.848}≃₹4,615.58$