Logan borrowed Rs. $12$ lakhs as housing loan from SBI at $12 %$ p.a to be repaid in $8$ years. if the EMI is Rs. $5400$ per lakh, find how much he pays as interest in the first month. Find also he principal repaid then.

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Solution

Interest at $12 %$ for the first month for Rs. $12$ lakhs $=$ $1200000 \times \frac{8}{12} \times \frac{12}{100} = 96000$
EMI for one month, for $12$ lakhs $= 5400 \times 12 =$ Rs. $64800$
Hence, principal repaid $=$ Rs. $96000 - 64800 =$ Rs. $31200$

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Logan borrowed Rs. 12 lakhs as housing loan from SBI at 12% p.a to be repaid in 8 years. if the EMI is Rs. 5400 per lakh, find how much he pays as interest in the first month. Find also he principal repaid then.

Interest at 12% for the first month for Rs. 12 lakhs = 1200000×812×12100=96000EMI for one month, for 12 lakhs =5400×12= Rs. 64800Hence, principal repaid = Rs. 96000−64800= Rs. 31200

Logan borrowed Rs. $12$ lakhs as housing loan from SBI at $12 %$ p.a to be repaid in $8$ years. if the EMI is Rs. $5400$ per lakh, find how much he pays as interest in the first month. Find also he principal repaid then.

Interest at $12 %$ for the first month for Rs. $12$ lakhs $=$ $1200000 \times \frac{8}{12} \times \frac{12}{100} = 96000$
EMI for one month, for $12$ lakhs $= 5400 \times 12 =$ Rs. $64800$
Hence, principal repaid $=$ Rs. $96000 - 64800 =$ Rs. $31200$