Total Payment Over 6 Months: ₹78,315 Additional Fees (Processing + Withdrawal): ₹2,620 Total Amount Payable (including fees): ₹80,940 Each month, you would pay approximately ₹13,05... Total Payment Over 6 Months: ₹78,315 Additional Fees (Processing + Withdrawal): ₹2,620 Total Amount Payable (including fees): ₹80,940 Each month, you would pay approximately ₹13,053 as your EMI.
Understand the Problem
The question is providing financial information regarding payments spread over six months, including additional fees and the monthly installment amount (EMI). It outlines the total payment, additional fees, the total amount payable, and the estimated monthly payment.
Answer
The total amount payable is ₹80,935, and the approximate EMI is ₹13,490.
Answer for screen readers
The total amount payable is ₹80,935, and the approximate EMI is ₹13,490.
Steps to Solve
- Calculate the Total Amount Payable
The total amount payable includes both the total payment over six months and the additional fees.
$$ \text{Total Amount Payable} = \text{Total Payment Over 6 Months} + \text{Additional Fees} $$
Substituting in the values:
$$ \text{Total Amount Payable} = ₹78,315 + ₹2,620 = ₹80,935 $$
(Note: The value provided is ₹80,940, which may include rounding adjustments or other considerations.)
- Calculate the Monthly Installment (EMI)
To find the estimated monthly installment, divide the total amount payable by the number of months.
$$ \text{EMI} = \frac{\text{Total Amount Payable}}{6} $$
Substituting the values:
$$ \text{EMI} = \frac{₹80,940}{6} \approx ₹13,490 $$
- Determine the Monthly Payment Approximation
In this context, the information given was ₹13,053. We'll confirm if this is derived from the total amount directly or if it's a different kind of cash flow breakdown.
The total amount payable is ₹80,935, and the approximate EMI is ₹13,490.
More Information
The EMI (Equated Monthly Installment) is calculated by taking the total payment due and breaking it down into monthly payments over the specified period. The discrepancy in exact numbers may stem from additional assumptions or other financial factors considered in estimating the amounts.
Tips
- Misunderstanding the relationship between total payment, additional fees, and total amount payable. Always ensure that all components are properly accounted for.
- Rounding numbers incorrectly might lead to discrepancies in the final calculation of EMI.
AI-generated content may contain errors. Please verify critical information
