Question

Lakshman borrowed Rs. $20$ lakhs as housing loan from ICICI at $10\%$ p.a to be repaid in $10$ years. if the EMI is Rs. $2500$ per lakh, find how much he pays as interest in the first month. Find also he principal repaid then.

• A. Rs. $33333.34$
• B. Rs. $33344.64$
• C. Rs. $36543.45$
• D. Rs. $54600$

Answer 1

The correct option is A Rs. $33333.34$

Interest at $10\%$ for the first month for Rs. $20$ lakhs $=$ $2000000\times \frac{1}{12}\times \frac{10}{100}=16666.66$
EMI for one month, for $20$ lakhs $=2500\times 20=$ Rs. $50000$
Hence principal repaid $=$ Rs. $50000-16666.66=$ Rs. $33333.34$