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 \(\left(a_{\frac{300}{0.0075}}=119.1616\right)\)?
- A ₹12140.52
- B ₹12607.57
- C ₹18302.52
- D ₹19301.52
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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