Mr. X takes a personal loan of ₹10,00,000 at the rate of 12% per annum for 6 years. Calculate his EMI by using flat rate method

₹23,888.88

$\text{Principal}=10,00,000$

$\text{Rate}=12\%$ per annum

$\text{Time}=6$ years

$\text{Interest (flat rate)}=P\times R\times T$

$=10,00,000\times0.12\times6$

$=7,20,000$

$\text{Total amount to be repaid}$

$=10,00,000+7,20,000$

$=17,20,000$

$\text{Number of months}=6\times12=72$

$\text{EMI}=\frac{17,20,000}{72}$

$=23,888.89$

The EMI is approximately ₹23,889 per month.