On the 1st of January 2022, Mr. Bajaj received a sum of Rs. 500,000 against one of his investments. On the same day he decided to loan the amount to his good friend Mr. Rao at a mutually agreed upon rate of 8.5 percent per annum. Calculate EMI, Principal and Interest for 1st year. How would the loan schedule be impacted if Mr. Rao pays Rs. 50000 as pre-payment at the end of first year