CUET Preparation Today
A person takes a personal loan of ₹10,000 at the rate of 24% per annum for 2 years. His EMI by using flat rate method is : |
₹616.67 ₹619.67 ₹516.67 ₹519.67 |
₹616.67 |
The correct answer is Option (1) → ₹616.67 The EMI using flat rate method, $EMI=\frac{\text{P+Total Interest}}{\text{Loan Tenure in Months}}$ $=\frac{10,000+10,000×0.24×2}{24}$ $=616.67$ |
