CUET · MATHS · PYQ PAPER 2025
Mr. X wishes to purchase a flat for Rs. 44, 60, 800 with a down payment of Rs. 10,00,000 and the balance in equal monthly instalments (EMI) for 20 years. If the bank charges 7.5% per annum compounded monthly, then the EMI is :
[Given that \((1.00625)^{240}=4.4608\) ]
- A Rs. 31250
- B Rs. 37285
- C Rs. 27880
- D Rs. 30280
Answer & Solution
Correct Answer
(C) Rs. 27880
Step-by-step Solution
Detailed explanation
Loan amount \( P = 4460800 - 1000000 = 3460800 \) Monthly interest rate \( r = \frac{7.5\%}{12} = \frac{0.075}{12} = 0.00625 \) Total installments \( n = 20 \times 12 = 240 \) EMI \( = P \times \frac{r(1+r)^n}{(1+r)^n - 1} \)…
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