Question
Mathematics Question on Applications of Compound Interest Formula
Shyam takes a loan of ₹5,00,000 with 8% annual interest rate for 10 years. The value of EMI under flat rate system is :
A
₹4166.67
B
₹7500
C
₹8332
D
₹50000
Answer
₹7500
Explanation
Solution
The correct option is (B) :₹7500.