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Q.

Mr. X borrowed  ₹ 500000from a bank to purchase a house and decided to repay the loan by equal monthly payments in 10 years. If bank charges interest at 7.5% p.a. compounded monthly, then EMI is (Given (1.00625)120=2.1121)

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a

 ₹ 6380

b

 ₹ 5935

c

 ₹ 8520

d

₹7340

answer is A.

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Detailed Solution

Given P=₹500000,i=7.51200=0.00625, 

n=12×10=120 months  EMI =P×i×(1+i)n(1+i)n−1=500000×0.00625(1.00625)120(1.00625)120−1 =500000×0.00625×2.11211.1121 =₹5934.99=₹5935

∴ Option (a) is the correct answer. 

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