Mr. Jain takes a personal loan of rupees 10,00,000 at 12% rate of interest per annum for three years. His EMI by flat rate method is : Option 1: Rs 28120.77 Option 2: Rs 37777.77 Option 3: Rs 28777.77 Option 4: Rs 28888.77

Answer: Rs 37777.77. Solution: Total interest (flat rate) = Principal x Rate x Time = 10,00,000 x 0.12 x 3 = 3,60,000. Total repayment = 10,00,000 + 3,60,000 = 13,60,000. Number of months = 3 x 12 = 36. EMI = (13,60,000)/36 = 37,777.77.

Applied Mathematics

Financial Mathematics

Easy

Mr. Jain takes a personal loan of rupees 10,00,000 at 12% rate of interest per annum for three years. His EMI by flat rate method is :

Rs 28120.77

Rs 37777.77

Rs 28777.77

Rs 28888.77

✅ Correct Option: 2

Total interest (flat rate) = Principal $\times$ Rate $\times$ Time = $10{,}00{,}000 \times 0.12 \times 3 = 3{,}60{,}000$ .

Total repayment = $10{,}00{,}000 + 3{,}60{,}000 = 13{,}60{,}000$ .

Number of months = $3 \times 12 = 36$ .

EMI = $\frac{13{,}60{,}000}{36} = 37{,}777.77$ .

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Solution

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