Question

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​

Answer 1

Answer:

follow me

make as brainliest ans

likes my All ans

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