Total interest (flat rate) = Principal × Rate × Time = 10,00,000×0.12×3=3,60,000.
Total repayment = 10,00,000+3,60,000=13,60,000.
Number of months = 3×12=36.
EMI = 3613,60,000=37,777.77.
Mr. Jain takes a personal loan of rupees 10,00,000 at 12% rate of interest per annum for three years. His EMI by flat rate method is :
Held on 7 Jun 2023 · Verified 13 Jul 2026.
Rs 28120.77
Rs 37777.77
Rs 28777.77
Rs 28888.77
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