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CUET · MATHS · PYQ PAPER 2025

Kavya takes a personal loan of ₹ 10,00,000 at the rate of 12% per annum for 5 years, then the EMI by using flat rate method is:

  1. A ₹ 26,666.66
  2. B ₹ 36,666.66
  3. C ₹ 16,666.66
  4. D ₹ 46,666.66
Verified Solution

Answer & Solution

Correct Answer

(A) ₹ 26,666.66

Step-by-step Solution

Detailed explanation

\(\text{Total Interest} = \text{Principal} \times \text{Rate} \times \text{Time} = 10,00,000 \times 0.12 \times 5 = 6,00,000\) \(\text{Total Amount to Repay} = \text{Principal} + \text{Total Interest} = 10,00,000 + 6,00,000 = 16,00,000\)…