Question

Mr Surya borrows a sum of Rs. 5,00,000 with total interest paid Rs 2,00,000(flat) and he is paying an EMI of Rs. 12,500. Calculate loan tenure.

Answer 1

Here P = 5,00,000 ; I = 2,00,000; EMI = 12,500

EMI = \(\frac{P+I}{n}\)

12,500 = \(\frac{5,00,000+2,00,000}{n}\)

⟹ n = \(\frac{7,00,000 }{12,500}\) = 56 months.