Statistics & Applications

Financial Math

Medium

applied

Mr. 'X' wishes to purchase a house for ₹ 49,65,000 with a down payment of ₹ 15,00,000 and balance amount in EMI for 25 years. If bank charges 6% per annum compounded monthly. Then the EMI is: [Given that $(1.005)^{300} = 4.4650]$

₹ 24375

₹ 20275

₹ 25750

₹ 22325

✅ Correct Option: 4

The house price is ₹49,65,000 with a down payment of ₹15,00,000.

Loan Amount = ₹49,65,000 - ₹15,00,000 = ₹34,65,000

Given information:

Principal (P) = ₹34,65,000

Time = 25 years = 25 × 12 = 300 months

Annual Interest Rate = 6%

Monthly Interest Rate (r) = 6% ÷ 12 = 0.5% = 0.005

$(1.005)^{300} = 4.4650$

The EMI formula is:

$EMI = \frac{P \times r \times (1+r)^n}{(1+r)^n - 1}$

Substituting the values:

$EMI = \frac{34,65,000 \times 0.005 \times (1.005)^{300}}{(1.005)^{300} - 1}$

$EMI = \frac{34,65,000 \times 0.005 \times 4.4650}{4.4650 - 1}$

Simplifying the numerator:

$34,65,000 \times 0.005 = 17,325$

$17,325 \times 4.4650 = 77,355.375$

Simplifying the denominator:

$4.4650 - 1 = 3.4650$

$EMI = \frac{77,355.375}{3.4650}$

$EMI = 22,325$

Therefore, the EMI is ₹22,325.

2025: 30 May Shift 1

If an investment value get doubled in 10 years then its compound annual growth rate (CAGR) is: (Given $2^{1/10} = 1.0729$ )

2025: 21 May Shift 2

At what rate of interest will the present value of a perpetuity of Rs. 1000 payable at the end of every six months be Rs. 40000?

2025: 3 June Shift 2

A machine costing Rs.2,00,000 has a useful life of 5 years.The estimated scrap value is Rs.20,000. By using straight line method, the annual depreciation is

2025: 14 May Shift 1

Which of the following are correct about the Sinking Fund?

(A) It is a fixed term account.

(B) It is a set-up for a particular upcoming expense.

(D) It can be used in any emergency.

Choose the correct answer from the options given below:

2025: 14 May Shift 2

If an investment of Rs. 12000 becomes Rs. 72000 in 4 years, then the compound annual growth rate is:

2025: 13 May Shift 1

If the price of a machinery costing ₹ 25000 is expected to have a useful life of 4 years and a scrap value of ₹ 5000. Then the annual depreciation by linear method is:

Mr. 'X' wishes to purchase a house for ₹ 49,65,000 with a down payment of ₹ 15,00,000 and balance amount in EMI for 25 years. If bank charges 6% per annum compounded monthly. Then the EMI is: [Given that (1.005)300=4.4650](1.005)^{300} = 4.4650](1.005)300=4.4650]

Solution

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CUET Mathematics Past Year Questions (Topic-Wise)

Mr. 'X' wishes to purchase a house for ₹ 49,65,000 with a down payment of ₹ 15,00,000 and balance amount in EMI for 25 years. If bank charges 6% per annum compounded monthly. Then the EMI is: [Given that $(1.005)^{300} = 4.4650]$