CUET · MATHS · PYQ PAPER 2025
Mr. X purchased a house for ₹ 7,00,000 and made a down payment of ₹ 1,50,000 .
He repays the balance in 25 years by equal monthly installments as \(9 \%\) per annum compounded monthly. The equated monthly installment (EMM) is :
[Given that \((1.0075)^{-300}=0.106\) ]
- A ₹ 3625
- B ₹ 4614
- C ₹ 5614
- D ₹ 4714
Answer & Solution
Correct Answer
(B) ₹ 4614
Step-by-step Solution
Detailed explanation
Principal \(P =\) ₹ \(7,00,000 -\) ₹ \(1,50,000 =\) ₹ \(5,50,000\) Monthly interest rate \(i = \frac{9\%}{12} = \frac{0.09}{12} = 0.0075\) Total number of installments \(N = 25 \times 12 = 300\) EMI \( = P \times \frac{i}{1 - (1+i)^{-N}}\)…
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