Malhotras have acquired personal use assets including AC, worth $240,000/- on instalment bearing interest at 10% per annum on add-on basis, and are required to pay the purchase price plus interest in 12 equated monthly installments. Using "sum of the digits method", draw a table showing month-wise break up of EMI, interest and principal. Calculate annual percentage rate (APR) that Malhotras will actually be paying. Should Raman opt to pay-off balance along with sixth installment, how much rebate he will get? Calculate and show the amount Raman would have saved, had he availed the loan on reducing balance basis from a bank. 20 Malhotras have acquired personal use assets including AC, worth $240,000/- on instalment bearing interest at 10% per annum on add-on basis, and are required to pay the purchase price plus interest in 12 equated monthly installments. Using "sum of the digits method", draw a table showing month-wise break up of EMI, interest and principal. Calculate annual percentage rate (APR) that Malhotras will actually be paying. Should Raman opt to pay-off balance along with sixth installment, how much rebate he will get? Calculate and show the amount Raman would have saved, had he availed the loan on reducing balance basis from a bank. 20