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The EMI (in Rs.) under the flat rate on a loan of Rs. 6,00,000 with 20% annual interest for 5 years is :

Solution

✅ Correct Option: 3

Total interest (flat rate) =P×r×t=600000×0.20×5=600000= P \times r \times t = 600000 \times 0.20 \times 5 = 600000. Total payable =600000+600000=1200000= 600000 + 600000 = 1200000. EMI =120000060=20000= \frac{1200000}{60} = 20000.

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