Mr. X takes a personal loan of Rs.10,00,000 at the rate of 12% per annum for 6 years. Calculate his EMI by using flat rate method Option 1: Rs.23,888.88 Option 2: Rs.24,000 Option 3: Rs.21,500 Option 4: Rs.21666.66

Answer: Rs.23,888.88. Solution: Total interest by flat rate = P * R * T/100 = 1000000 * 12 * 6/100 = 720000. Total amount = 1000000 + 720000 = 1720000. EMI = 1720000/(6 x 12) = 1720000/72 23888.88.

Applied Mathematics

Financial Mathematics

Medium

applied

Mr. X takes a personal loan of Rs.10,00,000 at the rate of 12% per annum for 6 years. Calculate his EMI by using flat rate method

Rs.23,888.88

Rs.24,000

Rs.21,500

Rs.21666.66

✅ Correct Option: 1

Total interest by flat rate $= P \cdot R \cdot T/100 = 1000000 \cdot 12 \cdot 6/100 = 720000$ . Total amount $= 1000000 + 720000 = 1720000$ . EMI $= 1720000/(6 \times 12) = 1720000/72 \approx 23888.88$ .

2026: 29 May Shift 2

The effective rate that is equivalent to a nominal rate of 8 % compounded continuously is :

2023: 15 June Shift 2

The present value of a perpetual income of ₹ $x$ payable at the end of each 6 months is ₹ 1,80,000. If the money is worth 5% compounded semi-annually, then the value of $x$ is ₹ :

2023: 30 May Shift 3

The present value of a perpetuity of Rs. 6,240 payable at the beginning of each year, if money is worth 10% effective, is :

2023: 30 May Shift 3

The present value of a perpetuity of Rs. 2,500 payable at the end of each year, if money is worth 10% compounded annually, is :

2026: 29 May Shift 2

At what rate of interest will the present value of a perpetuity of ₹600 payable at the end of each quarter be ₹40,000 ?

2026: 14 May Shift 2

Harish takes a loan of ₹6,00,000 at an interest of 10% per annum compounded annually for a period of 5 years. His EMI using a flat rate method is:

Mr. X takes a personal loan of Rs.10,00,000 at the rate of 12% per annum for 6 years. Calculate his EMI by using flat rate method

Solution

Related questions:

Keyboard Shortcuts

CUET Mathematics Past Year Questions (Topic-Wise)