Multiple choice

Mr. Rohan borrowed Rs. 1,00,000 from Mr. Ramlal at an interest rate of 18\% per annum to be repaid on a monthly basis in 3 years. How much EMI will be paid by Mr. Rohan?

  1. $3620$
  2. $3540$
  3. $3615$
  4. $3535$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Using the EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = 1,00,000, r = 18%/12 = 0.015, n = 36. This gives EMI = 1,00,000 × 0.015 × (1.015)^36 / ((1.015)^36 - 1) = Rs. 3615 (rounded).

Keep practicing — related questions