The EMI formula is:
[tex]\frac{P*R*(1+R)^{N} }{(1+R)^{N}-1 }[/tex] ; where
P = 12385
R = 0.00575 (monthly) (6.9/12/100)
N = 60 (12*5)
Putting these values in formula we get:
[tex]\frac{12385*0.00575(1.00575)^{60} }{1.00575^{60}-1 }[/tex]
[tex]\frac{100.4541}{0.4106}[/tex] = 244.652
Hence, the monthly installment becomes $ 245 approx.
