Monthly Installment Rounded to =
$1881
Sol: Information given in question $ $ 2,48,000.00 7.00% Amount of Investment Rate of Return per Annum Rate of Return per Month Period 0.58% 21years No of Monthly (21x12) 252 Let us understand the question in other way, that is money of 2,48,000 deposited with other person (Loan ) and same is repaid in equal installaments for 21 years. Let us calculate Equated monthly installments which will be answer for question. Formula to calculate equated monthly Installaments Monthly Installment=PXr *(1+r)^n /((1+r)^n - 1) where P= Loan amount, $ 2,48,000.00 r=interest rate per month, 0.58% $
n=number of months $ 252.00 Monthly Installment = 248000 X 0.0058 x (1 + 0.0058 )^252 ((1 +0.0058)^252 - 1) Monthly Installment = 248000 X 0.0058 x 4.331 3.331 Monthly Installment = 248000 X 0.0058 x 1.300 Monthly Installment = $ 1,881.01
Cross Check Answer Year 1 $ 2 $ 3 $ 41 $ 5 $ 6 $ 71 $ 8 $ 9 $ 10 $ 11 $ 12 $ 13 $ 14 $ 150 $ 16 $ 171 $ 18 $ 19 $ 201$ 21 $ 22 $ 23 $ 24 $ 25 $ 26 $ 27 $ 28 $ 29 $ 30 $ 31 $ 32 $ 33 $ 34 $ 350 $ 36 $ 371 $ 38 $ 39 $ 401 $ 41 $ 42 $ 431 $ 441 $ Opening Balance 2,48,000.00 $ 2,47,565.66 $ 2,47,128.78$ 2,46,689.35$ 2,46, 247.37 $ 2,45,802.80$ 2,45,355.64 $ 2,44,905.87 $ 2,44,453.48$ 2,43,998.45 $ 2,43,540.76 $ 2,43,080.41 $ 2,42,617.37 $ 2,42,151.62 $ 2,41,683.16 $ 2,41,211.97 $ 2,40,738.03 $ 2,40,261.33 2,39,781.84 $ 2,39,299.56 $ 2,38,814.46 $ 2,38,326.54 $ 2,37,835.77 $ 2,37,342.13 $ 2,36,845.62 $ 2,36,346.21 $ 2,35,843.88 $ 2,35,338.63 $ 2,34,830.43 $ 2,34,319.26 $ 2,33,805.12$ 2,33,287.97 $ 2,32,767.81 $ 2,32,244.61$ 2,31,718.36 $ 2,31,189.04 $ 2,30,656.63 $ 2,30,121.12$ 2,29,582.48$ 2,29,040.70 $ 2,28,495.77 $ 2,27,947.65$ 2,27,396.33 $ 2,26,841.80 $ Return Monthly Payment Closing Balance 1,446.67$ 1,881.01$ 2,47,565.66 1,444.13 $ 1,881.01$ 2,47,128.78 1,441.58 $ 1,881.01 $ 2,46,689.35 1,439.02 $ 1,881.01$ 2,46,247.37 1,436.44 $ 1,881.01$ 2,45,802.80 1,433.85$ 1,881.01$ 2,45,355.64 1,431.24 $ 1,881.01$ 2,44,905.87 1,428.62 $ 1,881.01 $ 2,44,453.48 1,425.98$ 1,881.01$ 2,43,998.45 1,423.32 $ 1,881.01$ 2,43,540.76 1,420.65$ 1,881.01$ 2,43,080.41 1,417.97 $ 1,881.01$ 2,42,617.37 1,415.27 $ 1,881.01 $ 2,42,151.62 1,412.55$ 1,881.01$ 2,41,683.16 1,409.82 $ 1,881.01$ 2,41,211.97 1,407.07 $ 1,881.01$ 2,40,738.03 1,404.31 $ 1,881.01$ 2,40,261.33 1,401.52 $ 1,881.01 $ 2,39,781.84 1,398.73 $ 1,881.01$ 2,39,299.56 1,395.91 $ 1,881.01 $ 2,38,814.46 1,393.08 $ 1,881.01$ 2,38,326.54 1,390.24 $ 1,881.01$ 2,37,835.77 1,387.38$ 1,881.01$ 2,37,342.13 1,384.50 $ 1,881.01$ 2,36,845.62 1,381.60 $ 1,881.01 $ 2,36,346.21 1,378.69 $ 1,881.01$ 2,35,843.88 1,375.76 $ 1,881.01$ 2,35,338.63 1,372.81 $ 1,881.01 $ 2,34,830.43 1,369.84 $ 1,881.01$ 2,34,319.26 1,366.86 $ 1,881.01 $ 2,33,805.12 1,363.86$ 1,881.01$ 2,33,287.97 1,360.85$ 1,881.01$ 2,32,767.81 1,357.81 $ 1,881.01$ 2,32,244.61 1,354.76 $ 1,881.01$ 2,31,718.36 1,351.69$ 1,881.01$ 2,31,189.04 1,348.60 $ 1,881.01$ 2,30,656.63 1,345.50 $ 1,881.01 $ 2,30,121.12 1,342.37$ 1,881.01$ 2,29,582.48 1,339.23 $ 1,881.01$ 2,29,040.70 1,336.07 $ 1,881.01$ 2,28,495.77 1,332.89 $ 1,881.01$ 2,27,947.65 1,329.69 $ 1,881.01$ 2,27,396.33 1,326.48$ 1,881.01$ 2,26,841.80 1,323.24 $ 1,881.01$ 2,26,284.04
450 $ 46 $ 471 $ 48 $ 49 $ 50 $ 51 $ 52 $ 53 $ 54 $ 550 $ 56 $ 57 $ 58 $ 59 $ 601$ 61 $ 62 $ 63 $ 64 $ 65 $ 66 $ 671 $ 681 $ 69 $ 70 $ 71 $ 72 $ 73 $ 74 $ 750 $ 761 $ 771 $ 78 $ 79 $ 801$ 81 $ 82 $ 831 $ 841 $ 85 $ 861 $ 871 $ 881 $ 89 $ 900 $ 91 $ 2,26,284.04 $ 2,25,723.02 $ 2,25,158.72 $ 2,24,591.14 $ 2,24,020.24 $ 2,23,446.02 $ 2,22,868.44 $ 2,22,287.50 $ 2,21,703.17 $ 2,21,115.43 $ 2,20,524.26 $ 2,19,929.64 $ 2,19,331.55$ 2,18,729.98 $ 2,18,124.89 $ 2,17,516.28 $ 2,16,904.11$ 2,16,288.38$ 2,15,669.05$ 2,15,046.11$ 2,14,419.53 $ 2,13,789.30 $ 2,13,155.40 $ 2,12,517.79$ 2,11,876.47 $ 2,11,231.41 $ 2,10,582.58$ 2,09,929.97 $ 2,09,273.55$ 2,08,613.30$ 2,07,949.21 $ 2,07,281.23 $ 2,06,609.36 $ 2,05,933.57 $ 2,05,253.84 $ 2,04,570.15$ 2,03,882.46 $ 2,03,190.77 $ 2,02,495.04 $ 2,01,795.25$ 2,01,091.38$ 2,00,383.40 $ 1,99,671.30$ 1,98,955.03 $ 1,98,234.60 $ 1,97,509.95$ 1,96,781.09 $ 1,319.99 $ 1,316.72 $ 1,313.43 $ 1,310.11$ 1,306.78$ 1,303.44 $ 1,300.07 $ 1,296.68 $ 1,293.27$ 1,289.84 $ 1,286.39 $ 1,282.92 $ 1,279.43 $ 1,275.92 $ 1,272.40 $ 1,268.84 $ 1,265.27 $ 1,261.68 $ 1,258.07 $ 1,254.44 $ 1,250.78$ 1,247.10 $ 1,243.41 $ 1,239.69 $ 1,235.95$ 1,232.18$ 1,228.40 $ 1,224.59 $ 1,220.76 $ 1,216.91 $ 1,213.04 $ 1,209.14 $ 1,205.22 $ 1,201.28 $ 1,197.31 $ 1,193.33 $ 1,189.31 $ 1,185.28 $ 1,181.22 $ 1,177.14 $ 1,173.03 $ 1,168.90 $ 1,164.75$ 1,160.57 $ 1,156.37 $ 1,152.14 $ 1,147.89 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 2,25,723.02 2,25,158.72 2,24,591.14 2,24,020.24 2,23,446.02 2,22,868.44 2,22,287.50 2,21,703.17 2,21,115.43 2,20,524.26 2,19,929.64 2,19,331.55 2,18,729.98 2,18,124.89 2,17,516.28 2,16,904.11 2,16,288.38 2,15,669.05 2,15,046.11 2,14,419.53 2,13,789.30 2,13,155.40 2,12,517.79 2,11,876.47 2,11,231.41 2,10,582.58 2,09,929.97 2,09,273.55 2,08,613.30 2,07,949.21 2,07,281.23 2,06,609.36 2,05,933.57 2,05,253.84 2,04,570.15 2,03,882.46 2,03,190.77 2,02,495.04 2,01,795.25 2,01,091.38 2,00,383.40 1,99,671.30 1,98,955.03 1,98,234.60 1,97,509.95 1,96,781.09 1,96,047.97
92 $ 93 $ 94 $ 950 $ 96$ 97 $ 98 $ 99 $ 100 $ 101) $ 102 $ 103 $ 104) $ 1051 $ 106 $ 1071 $ 108 $ 109 $ 110 $ 111 $ 112 $ 113 $ 114 $ 115 $ 116 $ 117 $ 1187 $ 119 $ 120 $ 121 $ 122) $ 123 $ 124 $ 125 $ 126 $ 1271 $ 128 $ 129 $ 130 $ 131 $ 132 $ 133) $ 134) S 135 $ 136 $ 1371 $ 138 $ 1,96,047.97$ 1,95,310.57 $ 1,94,568.87 $ 1,93,822.85$ 1,93,072.47 $ 1,92,317.72 $ 1,91,558.56 $ 1,90,794.97 $ 1,90,026.94 $ 1,89,254.42 $ 1,88,477.39 $ 1,87,695.83 $ 1,86,909.71$ 1,86,119.01$ 1,85,323.70 $ 1,84,523.74 $ 1,83,719.12$ 1,82,909.80 $ 1,82,095.77 $ 1,81,276.98$ 1,80,453.42 $ 1,79,625.06 $ 1,78,791.86$ 1,77,953.80$ 1,77,110.86 $ 1,76,262.99 $ 1,75,410.19 $ 1,74,552.40 $ 1,73,689.61 $ 1,72,821.79$ 1,71,948.91 $ 1,71,070.94 $ 1,70,187.84 $ 1,69,299.59 $ 1,68,406.16 $ 1,67,507.52$ 1,66,603.64 $ 1,65,694.49 $ 1,64,780.03 $ 1,63,860.23 $ 1,62,935.08$ 1,62,004.52 $ 1,61,068.54 $ 1,60,127.09 $ 1,59,180.16 $ 1,58,227.70 $ 1,57,269.68 $ 1,143.61 $ 1,139.31 $ 1,134.99 $ 1,130.63 $ 1,126.26 $ 1,121.85$ 1,117.42 $ 1,112.97 $ 1,108.49 $ 1,103.98 $ 1,099.45 $ 1,094.89 $ 1,090.31 $ 1,085.69 $ 1,081.05 $ 1,076.39 $ 1,071.69$ 1,066.97 $ 1,062.23 $ 1,057.45$ 1,052.64 $ 1,047.81 $ 1,042.95$ 1,038.06 $ 1,033.15$ 1,028.20 $ 1,023.23 $ 1,018.22 $ 1,013.19 $ 1,008.13 $ 1,003.04 $ 997.91 $ 992.76 $ 987.58 $ 982.37 | $ 977.13 $ 971.85$ 966.55$ 961.22$ 955.85$ 950.45 $ 945.03 $ 939.57 $ 934.07 $ 928.55$ 922.99 $ 917.41 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,95,310.57 1,94,568.87 1,93,822.85 1,93,072.47 1,92,317.72 1,91,558.56 1,90,794.97 1,90,026.94 1,89,254.42 1,88,477.39 1,87,695.83 1,86,909.71 1,86,119.01 1,85,323.70 1,84,523.74 1,83,719.12 1,82,909.80 1,82,095.77 1,81,276.98 1,80,453.42 1,79,625.06 1,78,791.86 1,77,953.80 1,77,110.86 1,76,262.99 1,75,410.19 1,74,552.40 1,73,689.61 1,72,821.79 1,71,948.91 1,71,070.94 1,70,187.84 1,69,299.59 1,68,406.16 1,67,507.52 1,66,603.64 1,65,694.49 1,64,780.03 1,63,860.23 1,62,935.08 1,62,004.52 1,61,068.54 1,60,127.09 1,59,180.16 1,58,227.70 1,57,269.68 1,56,306.08
139 $ 140 $ 141 $ 142 $ 143 $ 144 $ 145 $ 146 $ 147) $ 148 $ 149 $ 150 $ 151 $ 1521 $ 153 $ 154 $ 155 $ 156 $ 157) $ 158 $ 159 $ 160 $ 161 $ 162) $ 163) $ 164) $ 165) S 166 $ 1670 $ 168 $ 169 $ 170 $ 171 $ 172 $ 173 $ 174) $ 175 $ 176 $ 177 $ 178 $ 179 $ 180 $ 181 $ 182 $ 183) $ 184) $ 1851 $ 1,56,306.08 $ 1,55,336.86 $ 1,54,361.98 $ 1,53,381.41 $ 1,52,395.13 $ 1,51,403.09 $ 1,50,405.27$ 1,49,401.62 $ 1,48,392.12 $ 1,47,376.73 $ 1,46,355.42 $ 1,45,328.15$ 1,44,294.89 $ 1,43,255.60 $ 1,42,210.24 $ 1,41,158.79$ 1,40,101.21 $ 1,39,037.46 $ 1,37,967.50 $ 1,36,891.30 $ 1,35,808.82 $ 1,34,720.03 $ 1,33,624.89 $ 1,32,523.36 $ 1,31,415.40 $ 1,30,300.98 $ 1,29,180.06 $ 1,28,052.60 $ 1,26,918.56 $ 1,25,777.91 $ 1,24,630.61 $ 1,23,476.61 $ 1,22,315.88 $ 1,21,148.38$ 1,19,974.07 $ 1,18,792.91 $ 1,17,604.85$ 1,16,409.87 $ 1,15,207.92 $ 1,13,998.96 $ 1,12,782.94 $ 1,11,559.83 $ 1,10,329.59 $ 1,09,092.17$ 1,07,847.53 $ 1,06,595.63 $ 1,05,336.43 $ 911.79 $ 906.13 $ 900.44 $ 894.72 $ 888.97 $ 883.18$ 877.36 $ 871.51 $ 865.62 $ 859.70 $ 853.74 $ 847.75$ 841.72 $ 835.66 $ 829.56 $ 823.43 $ 817.26 $ 811.05 $ 804.81 $ 798.53 $ 792.22 $ 785.87 $ 779.48$ 773.05 $ 766.59 $ 760.09 $ 753.55$ 746.97$ 740.36 $ 733.70 $ 727.01 $ 720.28 $ 713.51 $ 706.70 $ 699.85 $ 692.96 $ 686.03 $ 679.06 $ 672.05$ 664.99 $ 657.90 $ 650.77 $ 643.59 $ 636.37$ 629.11 $ 621.81 $ 614.46 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,55,336.86 1,54,361.98 1,53,381.41 1,52,395.13 1,51,403.09 1,50,405.27 1,49,401.62 1,48,392.12 1,47,376.73 1,46,355.42 1,45,328.15 1,44,294.89 1,43,255.60 1,42,210.24 1,41,158.79 1,40,101.21 1,39,037.46 1,37,967.50 1,36,891.30 1,35,808.82 1,34,720.03 1,33,624.89 1,32,523.36 1,31,415.40 1,30,300.98 1,29,180.06 1,28,052.60 1,26,918.56 1,25,777.91 1,24,630.61 1,23,476.61 1,22,315.88 1,21,148.38 1,19,974.07 1,18,792.91 1,17,604.85 1,16,409.87 1,15,207.92 1,13,998.96 1,12,782.94 1,11,559.83 1,10,329.59 1,09,092.17 1,07,847.53 1,06,595.63 1,05,336.43 1,04,069.88
186 $ 187 $ 188 $ 189 $ 190 $ 191 $ 192 $ 1931 $ 194) $ 195 $ 1961 $ 197 $ 198 $ 199 $ 200 $ 2010 $ 202 $ 203 $ 204 $ 205 $ 206 $ 207 $ 208 $ 209 $ 210 $ 211 $ 212 $ 213) $ 214 $ 215$ 216 $ 217 $ 218$ 219 $ 220 $ 221 $ 222 $ 223 $ 224 $ 225$ 226 $ 2271 $ 228 $ 229 $ 230 $ 231 $ 232 $ 1,04,069.88 $ 1,02,795.94 $ 1,01,514.58 $ 1,00,225.74 $ 98,929.38$ 97,625.45 $ 96,313.93 $ 94,994.75$ 93,667.87 $ 92,333.26 $ 90,990.86$ 89,640.63 $ 88,282.52 $ 86,916.50 $ 85,542.50 $ 84,160.49 $ 82,770.41 $ 81,372.23 $ 79,965.89 $ 78,551.35 $ 77,128.56 $ 75,697.46 $ 74,258.02 $ 72,810.18$ 71,353.90$ 69,889.12 $ 68,415.80 $ 66,933.88 $ 65,443.32$ 63,944.06 $ 62,436.06 $ 60,919.26 $ 59,393.61 $ 57,859.06 $ 56,315.57 $ 54,763.06 $ 53,201.50 $ 51,630.84 $ 50,051.01 $ 48,461.96 $ 46,863.65$ 45,256.01$ 43,638.99 $ 42,012.54 $ 40,376.61$ 38,731.13 $ 37,076.05$ 607.07 $ 599.64 $ 592.17 $ 584.65 $ 577.09 $ 569.48$ 561.83 $ 554.14 $ 546.40 $ 538.61 $ 530.78$ 522.90 $ 514.98 $ 507.01 $ 499.00 $ 490.94 $ 482.83$ 474.67 $ 466.47 $ 458.22$ 449.92 $ 441.57 $ 433.17$ 424.73 $ 416.23 $ 407.69 $ 399.09 $ 390.45$ 381.75$ 373.01$ 364.21 $ 355.36 $ 346.46 $ 337.51 $ 328.51 $ 319.45$ 310.34 $ 301.18$ 291.96 $ 282.69 $ 273.37 $ 263.99 $ 254.56 $ 245.07 $ 235.53 $ 225.93 $ 216.28 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,02,795.94 1,01,514.58 1,00,225.74 98,929.38 97,625.45 96,313.93 94,994.75 93,667.87 92,333.26 90,990.86 89,640.63 88,282.52 86,916.50 85,542.50 84,160.49 82,770.41 81,372.23 79,965.89 78,551.35 77,128.56 75,697.46 74,258.02 72,810.18 71,353.90 69,889.12 68,415.80 66,933.88 65,443.32 63,944.06 62,436.06 60,919.26 59,393.61 57,859.06 56,315.57 54,763.06 53,201.50 51,630.84 50,051.01 48,461.96 46,863.65 45,256.01 43,638.99 42,012.54 40,376.61 38,731.13 37,076.05 35,411.31
233) $ 234 $ 235 $ 236 $ 237) $ 238 $ 239 $ 240 $ 241 $ 242) $ 243) $ 244 $ 245$ 246 $ 2471 $ 248 $ 249 $ 2500 $ 251) $ 252) $ 35,411.31 $ 33,736.87 $ 32,052.66 $ 30,358.62 $ 28,654.71 $ 26,940.85$ 25,216.99 $ 23,483.08 $ 21,739.06 $ 19,984.86$ 18, 220.43 $ 16,445.70 $ 14,660.63 $ 12,865.14 $ 11,059.17 $ 9,242.68 $ 7,415.58 $ 5,577.83 $ 3,729.36 $ 1,870.10 $ 206.57 $ 196.80 $ 186.97 $ 177.09 $ 167.15$ 157.15 $ 147.10 $ 136.98 $ 126.81 $ 116.58$ 106.29 $ 95.93 $ 85.52 $ 75.05$ 64.51 $ 53.92 $ 43.26 $ 32.54 $ 21.75$ 10.91 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01 $ 1,881.01$ 1,881.01$ 1,881.01$ 33,736.87 32,052.66 30,358.62 28,654.71 26,940.85 25,216.99 23,483.08 21,739.06 19,984.86 18,220.43 16,445.70 14,660.63 12,865.14 11,059.17 9,242.68 7,415.58 5,577.83 3,729.36 1,870.10 (0.00)