Mr Jain takes a personal loan of ₹10,00,000 at 12% rate of interest per annum for 3 years. His EMI by flat rate method is :

₹37777.77

The correct answer is Option (2) → ₹37777.77

$EMI = \frac{Loan\,Amount+Total\,Interest}{Loan\,terms\,in\,months}$

⇒ Total interest = $10,00,000×\frac{12}{100}×3=3,60,000$

$∴ EMI=\frac{13,60,000}{36}=37777.77$