Utkarsh purchased a laptop worth ₹80000. He paid 20000 as cash down and balance in equal monthly installments in 2 years. If bank charges 9% p.a. compounded monthly. Calculate the EMI.
(Given $(1.0075)^{24}=1.1964)$
Answer & explanation
Correct answer: option 3
The correct answer is option (3) : $₹2741.24$
Cost of laptop $= ₹80000$
Cash payment $=₹20000$
Balance $=₹60000$
Given $P=₹60000$
$n=12×2=24\, months $
$i=\frac{9}{1200}=0.0075$
$∴EMI=\frac{60000×0.0075×(1.0075)^{24}}{(1.0075)^{24}-1}$
$=\frac{60000×0.0075×1.1964}{0.1964}$
$=₹2741.24$