Question

A person bought a T.V. worth Rs 7920 of which he paid Rs 2920 and the balance was to be paid within one year in EMI. If the rate of interest is 10% , then EMI using Interest on reducing balance method is approximately​

Answer 1

Answer:

Step-by-step explanation:

So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.