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A loan of Rs. 10,000 is repaid in 5 equal annual instalments. If the interest rate is 12% per annum, compounded annually, what is the value of each instalment?

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Rs. 3,105

Rs. 3,782

Rs. 2,815

Rs. 4,110

answer is B.

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Detailed Solution

n = 5 (number of payments)
i = 0.12 (annual interest rate)
PV = Rs. 10,000 (present value of loan)

$E M I = \frac{(P . V) i}{(1 - {(1 + i)}^{n})} = \frac{(10000) (0.12)}{(1 - {(1 + 0.12)}^{5})}$
EMI = Rs. 3,781.82
Answer: (b) Rs. 3,782

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