A man borrows ₹2,00,000 from a bank at 10% p.a. rate of interest for five years. Then his EMI at flat rate is :
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → ₹5,000
EMI = $\frac{Principal+(Principal×Rate×Time)}{12×Time}$
$⇒\frac{200000+\left(200000×\frac{10}{100}×5\right)}{12×5}$
$⇒\frac{200000+100000}{60}$
∴ EMI = ₹5,000