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Study Stuff for MCA Examinations - NIMCET
Study Stuff for MCA Examinations - NIMCET
Previous Year Question (PYQs)
Mr. Dev wishes to purchase an AC for Rs. $45,000$ with a down payment of Rs. $5,000$ and balance in EMI for 5 years.
If Bank charges $6%$ per annum compounded monthly, then monthly EMI is
(use $\frac{0.005}{1-(1.005)^{-60}}=0.0194$)
Solution
Loan amount
$=45000-5000=40000$
Monthly interest rate
$=\frac{6%}{12}=0.5%=0.005$
Number of months
$=5\times 12=60$
EMI formula:
$\text{EMI}=P\times\frac{i}{1-(1+i)^{-n}}$
Given factor:
$\frac{0.005}{1-(1.005)^{-60}}=0.0194$
So,
$\text{EMI}=40000\times 0.0194$
$=776$
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