Statistics & Applications > Financial Math

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A man plans to take a housing loan of Rs 99,53,000 from a bank costing 18% per annum compounded monthly. The loan is to be paid back in 30 years in equal monthly installments (EMI). The EMI by reducing balance method is: [Given $(1.015)^{-360} = 0.0047$]

Rs 1,82,500

Rs 1,50,000

Rs 1,75,000

Rs 2,04,500

✅ Correct Option: 2

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Choose the correct answer from the options given below:

A man plans to take a housing loan of Rs 99,53,000 from a bank costing 18% per annum compounded monthly. The loan is to be paid back in 30 years in equal monthly installments (EMI). The EMI by reducing balance method is: [Given $(1.015)^{-360} = 0.0047$]

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