1. **Problem Statement:** Compare car loans of 12 lakhs for 5 years and 7 years at different interest rates (7.8%, 8%, 8.2%, 8.5%, 8.75%) by calculating Monthly EMI, Principal amount, Total interest, and Total amount. 2. **Formula for EMI:** $$EMI = P \times \frac{r(1+r)^n}{(1+r)^n - 1}$$ where: - $P$ = Principal loan amount = 1200000 - $r$ = monthly interest rate = annual rate / 12 / 100 - $n$ = total number of monthly installments = years \times 12 3. **Calculations:** For each interest rate and tenure, calculate: - Monthly EMI using the formula - Principal amount = 1200000 (constant) - Total amount paid = EMI \times n - Total interest = Total amount paid - Principal 4. **Explanation:** - EMI is the fixed monthly payment. - Total interest is the extra amount paid over the principal. - Longer tenure usually means lower EMI but higher total interest. 5. **Results:** | Interest Rate | Tenure (years) | EMI (rounded) | Principal | Total Interest (rounded) | Total Amount (rounded) | |---------------|----------------|---------------|-----------|-------------------------|------------------------| | 7.8% | 5 | 24032 | 1200000 | 441920 | 1641920 | | 8.0% | 5 | 24312 | 1200000 | 458720 | 1658720 | | 8.2% | 5 | 24594 | 1200000 | 475640 | 1675640 | | 8.5% | 5 | 24944 | 1200000 | 498640 | 1698640 | | 8.75% | 5 | 25220 | 1200000 | 515200 | 1715200 | | 7.8% | 7 | 18088 | 1200000 | 523392 | 1723392 | | 8.0% | 7 | 18299 | 1200000 | 540424 | 1740424 | | 8.2% | 7 | 18512 | 1200000 | 557568 | 1757568 | | 8.5% | 7 | 18799 | 1200000 | 582344 | 1782344 | | 8.75% | 7 | 19012 | 1200000 | 599168 | 1799168 | **Note:** All values are rounded to nearest integer for clarity.