Question

i Sudra has applied a persinal loan of Rs 15 lacs for 5 years at the rate of 11%. per annum. Find her monthly EMI​

Answer 1

Answer:

EMI ≈ ₹ 32,613.63

Step-by-step explanation:

Loan Amount = ₹ 1,500,000

Term = 5 years = 60 months

Interest rate = 11%

Monthly interest rate = (11/12)%

Assume the monthly payment = A

$a \: = 1500000 \times \frac{ \frac{0.11}{12} }{1 - {(1 + \frac{0.11}{12}) }^{ - 60} }$

$a = 1500000 \times 0.021742423$

$a = 32613.63$

EMI= ₹ 32,613.63