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The EMI for Rs. 8445 at 8% interest and 12 instalments is


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Answer 1

Answer:

Brainlist yaaar

Step-by-step explanation:

The formula used for arriving at the EMI is:

EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]

Here, P= Principal loan amount, R= Rate of interest, n= Number of monthly instalments.

An example:

Assuming, P= Rs 3 lakh, R= 15 percent per annum= 15/12= 1.250 per month, N= 60 months

EMI = =((300000*1.250/100*(1+1.250/100)^60/((1+1.250/100)^60-1))) = Rs 7,137