A person amortizes a loan of ₹150000 for a new home by obtaining a 10 year mortgage at the rate of 12% compounded monthly. Find EMI.
Answer & explanation
Correct answer: option 2
The correct answer is option (2) : ₹2152.43
$P= ₹150000, i=\frac{12}{1200}=0.01, n =10× 12 = 120$
$EMI=\frac{P}{a_{\overline{n}/i}}=\frac{150000}{69.6891}$
$=₹2152.43$