Question

The company offers a heater whose cost price is Rs. $9400$ at a monthly E.M.I for $24$ months. The interest charged is $6\%$. What is the monthly EMI to be paid by the customer?

• A. Rs. $340$
• B. Rs. $512$
• C. Rs. $439$
• D. Rs. $604$

Answer 1

The correct option is C Rs. $439$

$\Rightarrow$ We know, $EMI=\frac{Costprice+Interest}{Months}$

$\Rightarrow$ $T=24months=2years,R=6\%$ and $P=Rs.9400$.

$\Rightarrow$ $Interest=\frac{P\times R\times T}{100}=\frac{9400\times 6\times 2}{100}$

$\Rightarrow$ $Interest=Rs.1128.$

$\Rightarrow$ $EMI=\frac{9400+1128}{24}=Rs.438.66\approx Rs.439.$