Anush takes a loan of ₹150000 @ 16% annual interest for 5 years. His EMI (Equally Monthly Installmant) on monthly basis under flat rate system is:

₹4500

The correct answer is Option (1) → â‚¹4500

Principal = 150000

Rate = 16% per year

Time = 5 years

Total interest (flat rate):

$150000 \times 0.16 \times 5 = 120000$

Total amount to be repaid:

$150000 + 120000 = 270000$

Number of monthly instalments:

$5 \times 12 = 60$

EMI = total amount / number of instalments:

$ \frac{270000}{60} = 4500$

The EMI is ₹4500.