CUET · MATHS · PYQ PAPER 2025
A man takes a personal loan of Rs. 3,00, 000 at 6% per annum compounded monthly to be repaid by equal monthly installments in 3 years.
Find the EMI using flat rate method
- A Rs. 9833.33
- B Rs. 11, 333.3
- C Rs. 17, 333.3
- D Rs. 12, 833.3
Answer & Solution
Correct Answer
(A) Rs. 9833.33
Step-by-step Solution
Detailed explanation
\( \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \) \( = 300000 \times 0.06 \times 3 = 54000 \) \( \text{Total amount} = \text{Principal} + \text{Interest} \) \( = 300000 + 54000 = 354000 \) \( \text{Total months} = 3 \times 12 = 36 \)…
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