A person takes a home lean of ₹1200000 from a  bank at an interest rate of 12% per annum for 10 years. The EMI under flat rate system is,

₹22000

The correct answer is Option (1) → ₹22000

To calculate EMI under flat Rate system is,

$EMI=\frac{\text{Principal+Total Interest}}{\text{Number of months}}$

$=\frac{12,00,000+12,00,000×0.12×10}{120}$

$=₹22000$