Statistics & Applications

Financial Math

Medium

applied

Mr. X wishes to purchase a flat for Rs. 44,65,000 with a down payment of Rs. 10,00,000 and balance in equated monthly installments (EMI) for 25 years. If the bank charges 6 % per annum compounded monthly, the EMI is:

[Given: $(1.005)^{300} =4.4650$ ]

Rs. 25,772

Rs. 28,775

Rs. 22,325

Rs. 30,550

✅ Correct Option: 3

The flat price is Rs. 44,65,000 with a down payment of Rs. 10,00,000.

Loan amount needed:

$P = 44,65,000 - 10,00,000 = 34,65,000$ Rs.

Time period: $n = 25 \times 12 = 300$ months

Monthly interest rate: $r = \frac{6\%}{12} = 0.5\% = 0.005$

The EMI formula is:

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

Given: $(1.005)^{300} = 4.4650$

Calculate the numerator:

$P \times r \times (1+r)^n$

$= 34,65,000 \times 0.005 \times 4.4650$

$= 17,325 \times 4.4650$

$= 77,345.625$

Calculate the denominator:

$(1+r)^n - 1$

$= 4.4650 - 1$

$= 3.4650$

$\text{EMI} = \frac{77,345.625}{3.4650}$

$\text{EMI} = 22,325$

Therefore, the EMI is Rs. 22,325.

2025: 26 May Shift 2

Anisha invested Rs.20000 in a mutual fund in the year 2016, which increased to Rs.36000 in the year 2024. The percentage compounded annual growth rate(CAGR) of her investment is:

(Given: $(1.8)^{1/8} = 1.076$ )

2025: 22 May Shift 2

At what rate of interest will the present value of a perpetuity of ₹ 500 payable at the end of every 6 months be ₹ 20,000?

2025: 29 May Shift 2

Mrs Rathna invested Rs 2 lakh in an enterprise for 5 years. Her compound annual growth rate (CAGR) turned out to be 20.5%. The end balance would be: (given $(1.205)^5=2.54)$

2025: 21 May Shift 1

Which of the following statements are correct?

(A) In the sinking fund a fixed amount at regular intervals is deposited.

(B) Sinking fund is a long-term account which can be closed any time.

(D) Sinking fund can be used only for the purpose it was created.

Choose the correct answer from the options given below:

2026: 19 May Shift 2

Mr. Devendra invested ₹ 8,000 in 7% hundred rupee share at ₹ 80. After a year he sold these share at ₹ 75 each and invested in 18% twenty five-rupee shares at ₹ 41 each. Then his annual income from the second investement is:-

2026: 19 May Shift 2

If the cash equivalent of a perpetuity of ₹ 1200 payable at the end of each quarter is ₹ 96,000, then the rate of interest convertible quarterly is:

Mr. X wishes to purchase a flat for Rs. 44,65,000 with a down payment of Rs. 10,00,000 and balance in equated monthly installments (EMI) for 25 years. If the bank charges 6 % per annum compounded monthly, the EMI is: [Given: (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 flat for Rs. 44,65,000 with a down payment of Rs. 10,00,000 and balance in equated monthly installments (EMI) for 25 years. If the bank charges 6 % per annum compounded monthly, the EMI is:

[Given: $(1.005)^{300} =4.4650$ ]