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Meesha takes a loan of ₹ 3,00,000 at an interest of 8% annually for a period of n years. If her monthly EMI using flat rate method is ₹ 7,000, then the number of installments:

Solution

✅ Correct Option: 2

Flat rate interest =300000×0.08×n=24000n=300000\times 0.08\times n = 24000n.

EMI =300000+24000n12n=7000=\dfrac{300000+24000n}{12n}=7000 gives 300000+24000n=84000n300000+24000n=84000n.

So n=5n=5 years and the number of monthly installments is 12×5=6012\times 5=60.

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