Answer :
To calculate the monthly EMI (Equated Monthly Installment), we can use the formula for calculating EMI for a loan:
\[ EMI = \dfrac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} \]
Where:
- \( P \) = Principal amount (total loan amount)
- \( r \) = Monthly interest rate (annual interest rate divided by 12)
- \( n \) = Total number of months (tenure of the loan)
Given:
- \( P = 1070000 \)
- Annual interest rate = 10.2%
- Tenure of the loan = 360 months
First, let's calculate the monthly interest rate (\( r \)):
\[ r = \dfrac{\text{Annual interest rate}}{12 \times 100} \]
\[ r = \dfrac{10.2}{12 \times 100} \]
\[ r = \dfrac{0.102}{12} \]
\[ r = 0.0085 \]
Now, let's calculate the monthly EMI using the formula:
\[ EMI = \dfrac{1070000 \times 0.0085 \times (1 + 0.0085)^{360}}{(1 + 0.0085)^{360} - 1} \]
\[ EMI = \dfrac{1070000 \times 0.0085 \times (1.0085)^{360}}{(1.0085)^{360} - 1} \]
Now, let's compute the value.Answer:
Step-by-step explanation:
The monthly EMI for a loan amount of ₹1,070,000 with an annual interest rate of 10.2% and a tenure of 360 months is approximately ₹9548.54.
hope this helps you ☺️