Read the text carefully and answer the questions: EMI or equated … - Vidyadip

Question

Read the text carefully and answer the questions:
EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame. The EMI is dependent on multiple factors, such as:
• Principal borrowed
• Rate of interest
• Tenure of the loan
• Monthly/annual resting period
For a fixed interest rate loan, the EMI remains fixed for the entire tenure of the loan, provided there is no default or part-payment in between. The EMI is used to pay off both the principal and interest components of an outstanding loan.
Example:
A person amortizes a loan of ₹1500000 for renovation of his house by 8 years mortgage at the rate of 12% p.a. compounded monthly.
$\left(\right.$ Given $\left.(1.01)^{96}=2.5993,(1.01)^{57}=1.7633\right)$
(a) Find the equated monthly installment.
(b) Find the principal outstanding at the beginning of 40th month.
(c) Find the interest paid in 40th payment.
OR
Find the principal contained in 40th payment.

✓

Answer

Read the text carefully and answer the questions:
EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame. The EMI is dependent on multiple factors, such as:
• Principal borrowed
• Rate of interest
• Tenure of the loan
• Monthly/annual resting period
For a fixed interest rate loan, the EMI remains fixed for the entire tenure of the loan, provided there is no default or part-payment in between. The EMI is used to pay off both the principal and interest components of an outstanding loan.
Example:
A person amortizes a loan of ₹1500000 for renovation of his house by 8 years mortgage at the rate of 12% p.a. compounded monthly.
$\left(\right.$Given $\left.(1.01)^{96}=2.5993,(1.01)^{57}=1.7633\right)$
(i) ₹ 24379.10
(ii) ₹ 1055326.20
(iii) ₹ 10553.26
OR
₹ 13825.84

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