If Kumar takes a home loan of ₹50,00,000 for 3 years at the rate of 7.5% p.a. what will be the amount due at the end of 1st year
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Step-by-step explanation:
he 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 30 lakh, R= 9 percent per annum= 9/12= .75 per month, N= 180 months
EMI = ((300000*.75 /100*(1+.75 /100) ^180/((1+.75 /100)^180-1))) = Rs 30,428
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