Math/Applied mathIn year 2000, Mr. Talwar took a home loan of (3000000 from State Bank of India at 7.5% p.a. compounded monthly for 20 years. The equated monthly installment paid by Mr. Talwar was

In year 2000, Mr. Talwar took a home loan of (3000000 from State Bank of India at 7.5% p.a. compounded monthly for 20 years. The equated monthly installment paid by Mr. Talwar was

  1. A

    ₹24169.82

  2. B

    ₹37839.85

  3. C

    ₹35288.82

  4. D

    ₹39437.75

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    Solution:

    By plugging in the values:

    • Principal (P): ₹30,00,000
    • Annual interest rate: 7.5%
    • Loan tenure: 20 years

    The EMI comes out to be approximately:

    EMI≈₹24,168.71 EMI

    Answer: Mr. Talwar's equated monthly installment (EMI) for the home loan was approximately ₹24,169.

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