Which of the following statements about EMI (Equated Monthly Installment) are correct?
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EMI is a fixed monthly amount paid by the borrower to the lender on a specified date.
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EMI includes only the interest component of the loan.
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The schedule showing the breakup of principal and interest in EMI payments is called the Amortization Schedule.
1
1 and 2 only
2
1 and 3 only
3
2 and 3 only
4
1 only
5
2 only