Question

. No. 01. Read the following details and answer the questions that follow. 




1 What will be the EMI for an outstanding home of Rs. 20 lakh, at an interest of 9% per annum for 18 years?

a) Rs. 37458/-     b) Rs. 18729 c) Rs. 74916 d) Rs. 56187

2. According to the illustration, when you increase EMI by Rs.2000/- for a loan amount of Rs. 40 Lakh for 216 months, you will save Rs.9.3 lakh. Why does this happen?

a) It effects the outstanding loan amount directly.

b) The tenure gets reduced from 216 months to 191.

c) It reduced the interest rate directly.

d) Bank offers bonus to a customer.

3. If you choose to pay the same EMI of Rs.37458/- when the rate of interest falls by 0.5% (from 9% to 8.5%), how much more will you contribute, if you don’t reduce the EMI?

4. What will happen if you pay an EMI of Rs.2000 and the rate of interest is reduced by 0.5%?​

Answer 1

Answer:

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