A person bought a flat worth Rs. 40 lakhs by making a initial payment of 10 lakhs. If the interest rate is 10% per year (simple interest), what is the E.M.I if the loan is to be repaid in 2 years?

2 lakhs

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1.5 lakhs

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5 lakhs

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36 lakhs

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Solution

The correct option is B 1.5 lakhs
Loan amount = 40 lakhs - 10 lakhs
= 30 lakhs
Number of years "n" = 2 years

$I n t e r e s t = \frac{p n r}{100} = \frac{3000000 \times 2 \times 10}{100} = R s . 600000$
Total amount to be paid = Rs. 36 lakhs

$E . M . I = \frac{T o t a l a m o u n t}{R e p a y m e n t t i m e} = \frac{3600000}{24} = R s . 150000 ⟹ E . M . I = 1.5 l a k h s$

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A person bought a flat worth Rs. 40 lakhs by making a initial payment of 10 lakhs. If the interest rate is 10% per year (simple interest), what is the E.M.I if the loan is to be repaid in 2 years?

The correct option is B 1.5 lakhsLoan amount = 40 lakhs - 10 lakhs = 30 lakhs Number of years "n" = 2 years Interest=pnr100=3000000×2×10100=Rs.600000 Total amount to be paid = Rs. 36 lakhs E.M.I=Total amountRepayment time=360000024=Rs.150000⟹E.M.I=1.5lakhs