Statistics & Applications

Financial Math

Medium

applied

Ram wishes to purchase a house for ₹ 15,00,000 and made a down payment of ₹ 5,00,000. If he can amortize the balance at 9% per annum compounded monthly for 25 years, then his EMI is:

[Given $(1.0075)^{300} ≈ 9.41$ ]

₹ 7,991.80

₹ 7,391.80

₹ 6713. 57

₹ 8,391.80

✅ Correct Option: 4

Principal Loan Amount ( $P$ ): ₹ $15,00,000 - \text{₹ } 5,00,000 = \text{₹ } 10,00,000$
Monthly Interest Rate ( $i$ ): $\frac{9\%}{12} = 0.75\% = 0.0075$
Total Months ( $n$ ): $25 \times 12 = 300$

Using the EMI formula:

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

Substitute the given value $(1.0075)^{300} \approx 9.41$ :

$\text{EMI} = \frac{10,00,000 \times 0.0075 \times 9.41}{9.41 - 1}$

$\text{EMI} = \frac{70,575}{8.41} \approx \mathbf{\text{₹ } 8,391.80}$

2026: 21 May Shift 2

Renu takes a loan of ₹12,00,000 with 12% annual interest for 10 years on flat rate basis..

Match the LIST-I with LIST-II

LIST-I		LIST-II
A. Principal of the loan		I. ₹14,40,000
B. Total interest on the principal		II. ₹26,40,000
C. EMI		III. ₹12,00,000
D. Total amount paid in 10 years		IV. ₹22,000

Choose the correct answer from the options given below:

2025: 15 May Shift 1

A person has purchased a home for Rs.10,00,000 with down payment of Rs 2,00,000. He amortize the balance at 9% per annum compounded monthly for 25 years then the equal monthly installment (EMI) is:

[Given that: $\frac{(1.0075)^{300} - 1}{(.0075)(1.0075)^{300}} = 119.1616]$

2026: 22 May Shift 2

Let $r_e$ denote the effective rate corresponding to the nominal rate r, compounded m times in a year. Let P be the principal and rate per conversion period is $i=\frac{r}{m}$ , then effective rate of interest is:

2026: 22 May Shift 2

A washing machine costing ₹40000 has an estimated useful life of 4 years and a scrap value of ₹5000. The depreciation rate percentage is:

2026: 19 May Shift 1

Match List-I with List-II

List-I	List-II
(A) It is the amount the bond issuer pays at maturity.	(I) Coupon rate
(B) It is the rate at which a bond yield interest.	(II) Face value
(C) It is the annual interest rate paid by the bond issuer to the bond holder.	(III) Nominal rate of interest
(D) The price at which the bond is sold to buyers at the time of issue.	(IV) Redemption price

Choose the correct answer from the options given below:

2025: 30 May Shift 1

A man takes a personal loan worth Rs.3,00,000 at an interest rate of 6% per annum compounded monthly to be repaid by equal monthly installments in 3 years, then the EMI using flat rate method will be:-

Ram wishes to purchase a house for ₹ 15,00,000 and made a down payment of ₹ 5,00,000. If he can amortize the balance at 9% per annum compounded monthly for 25 years, then his EMI is: [Given (1.0075)300≈9.41(1.0075)^{300} ≈ 9.41(1.0075)300≈9.41]

Solution

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CUET Mathematics Past Year Questions (Topic-Wise)

Ram wishes to purchase a house for ₹ 15,00,000 and made a down payment of ₹ 5,00,000. If he can amortize the balance at 9% per annum compounded monthly for 25 years, then his EMI is:

[Given $(1.0075)^{300} ≈ 9.41$ ]