Practicing Success

Target Exam

CUET

Subject

-- Mathematics - Section B2

Chapter

Financial Mathematics

Question:

Shyam bought a car in 2023 worth ₹7 lakh. He made a down payment of ₹2.5 lakh and took a loan for the rest of the amount at the rate 12% p.a. for four years. The monthly EMI paid by Shyam in:

(given (1.01)48 = 1.6122)

Options:

₹ 9,000

₹ 10,000.75

₹ 11,850.75

₹ 12,200.75

Correct Answer:

₹ 11,850.75

Explanation:

The correct answer is Option (3) → ₹ 11,850.75