CUET · MATHS · PYQ PAPER 2025
A person has purchased a home for Rs. 10,00,000 with a down payment of Rs. 2,00,000. He amortizes the balance at 9% per annum compounded monthly for 25 years.
Then the equal monthly instalment (EMI) is :
[Given that \(\frac{(1.0075)^{300}-1}{(0.0075)(1.0075)^{300}}=119.1616\) ]
- A Rs. 8174.55
- B Rs. 6713.57
- C Rs. 7248.64
- D Rs. 7534.25
Answer & Solution
Correct Answer
(B) Rs. 6713.57
Step-by-step Solution
Detailed explanation
Loan Balance \( P = 10,00,000 - 2,00,000 = 8,00,000 \) Monthly Interest Rate \( i = 9\%/12 = 0.09/12 = 0.0075 \) Number of Payments \( n = 25 \text{ years} \times 12 \text{ months/year} = 300 \) Given Amortization Factor…
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