Statistics & Applications

Financial Math

Medium

applied

Anshu takes a personal loan of ₹10,00,000 at the rate of 12% per annum for 2 years, then the EMI by using flat rate method is

₹51,666.67

₹52,666.67

₹50,666.67

₹53,666.67

✅ Correct Option: 1

Given Information:

Loan Amount (Principal) = ₹10,00,000

Interest Rate = 12% per annum

Time Period = 2 years

The flat rate method calculates total interest for the whole loan period, adds it to the loan amount, and divides equally by number of months.

Using the simple interest formula:

Interest $= \dfrac{\text{Principal} \times \text{Rate} \times \text{Time}}{100}$

Interest $= \dfrac{10,00,000 \times 12 \times 2}{100}$

Interest $= \dfrac{24,00,000}{100}$

Interest $= ₹2,40,000$

Total Amount $= \text{Principal} + \text{Interest}$

Total Amount $= 10,00,000 + 2,40,000$

Total Amount $= ₹12,40,000$

Number of months $= 2 \times 12 = 24$ months

EMI $= \dfrac{\text{Total Amount}}{\text{Number of months}}$

EMI $= \dfrac{12,40,000}{24}$

EMI $= ₹51,666.67$

Therefore, the EMI using flat rate method is ₹51,666.67.

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Anshu takes a personal loan of ₹10,00,000 at the rate of 12% per annum for 2 years, then the EMI by using flat rate method is

Solution

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