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CUET · MATHS · PYQ PAPER 2023

Mr. Jain wishes to purchase a shop for ₹25,00,000 with down payment of ₹2, 00, 000. If he can amortize the balance at 9% per annum compounded monthly for 25 years, what will be his monthly installment if it is given that \(\left(a_{\frac{300}{0.0075}}=119.1616\right)\)?

  1. A ₹12140.52
  2. B ₹12607.57
  3. C ₹18302.52
  4. D ₹19301.52
Verified Solution

Answer & Solution

Correct Answer

(D) ₹19301.52

Step-by-step Solution

Detailed explanation

Principal \(P = 25,00,000 - 2,00,000 = 23,00,000\) Monthly Installment \(M = \\frac{P}{a_{n|i}}\) \(M = \\frac{23,00,000}{119.1616}\) \(M = 19301.52\)
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