Skip to main contentSkip to solution

Harish takes a loan of ₹6,00,000 at an interest of 10% per annum compounded annually for a period of 5 years. His EMI using a flat rate method is:

Solution

✅ Correct Option: 3

Flat rate interest =600000×0.10×5=300000=600000\times0.10\times5=300000.

Total repayable =900000=900000 over 6060 months, so the EMI is 90000060=15000\frac{900000}{60}=15000.

Keyboard Shortcuts

  • Left arrow: Previous question
  • Right arrow: Next question
  • S key: Jump to solution
  • Q key: Jump to question