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Applied Mathematics · 2023 · 4 marks
CBSE 2023 · Central · Set 4 · Q38
In the year 2010, Mr. Aggarwal took a home loan of ₹ 30,00,000 from State Bank of India at 7.5 % p.a. compounded monthly for 20 years. Based on the…
In the year $\displaystyle 2010$, Mr. Aggarwal took a home loan of ₹ $\displaystyle 30,00,000$ from State Bank of India at $\displaystyle 7.5 \%$ p.a. compounded monthly for $\displaystyle 20$ years.
Based on the above information, answer the following questions :
(i)
Determine the EMI.
(ii)
Find the principal paid by Mr. Aggarwal in the $\displaystyle 150^{\text {th }}$ instalment.
(iii)
(a)
Find the total interest paid by Mr. Aggarwal.
OR
(b)
How much was paid by Mr. Aggarwal to repay the entire amount of home loan?
[Use $\displaystyle (1.00625)^{240}=4.4608 ; (1.00625)^{91}=1.7629$]
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CBSE Class 12 Applied Mathematics past-paper question from the 2023 board exam. Where our answers come from.