Practice question

MCQ

Question

Mr. and Mrs. want to purchase a house for ₹30,00,000 with a down payment of ₹5,00,000. If they can amortize the balance at 12% per annum compounded monthly for 30 years with the EMI as 25,000 Rs then the total interest paid by them will be?

Options

Choose one · Correct answer highlighted

35,00,000 Rs 65,00,000 Rs Correct 25,00,000 Rs None

Explanation

The trick is solving fully: apply relevant formula, put numbers, compute. Result comes as 65,00,000 Rs. Easy verification shows it satisfies condition.

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