Applied Maths - Banking (EMI calculations)

Grade 12 Maths — Applied Maths - Banking (EMI calculations): 25 practice questions with instant scoring and explanations.

1. EMI (Equated Monthly Installment) is calculated using:
2. In the EMI formula, P represents:
3. r in EMI formula represents:
4. n in EMI formula represents:
5. Loan of Rs. 1,00,000 at 12% annual rate for 5 years (60 months). Monthly rate r = :
6. EMI = [100000 × 0.01 × (1.01)^60] / [(1.01)^60 − 1] ≈ :
7. Total amount paid in 60 EMIs = 60 × Rs. 1943.56 ≈ :
8. Total interest paid = Total amount − Principal = :
9. In simple interest, SI = (P × R × T) / 100. For P = Rs. 10,000, R = 5%, T = 2 years, SI is:
10. Amount in simple interest = P + SI = :
11. In compound interest, A = P(1 + r)^n. For P = Rs. 10,000, r = 5%, n = 2 years:
12. Compound interest = A − P = :
13. Rate of interest (annual % rate) for a loan is typically:
14. Loan tenure affects EMI by:
15. For same loan and rate, doubling the tenure (from 5 to 10 years) affects EMI by:
16. Amortization schedule shows:
17. In the first EMI, the interest portion is:
18. In the last EMI, the principal portion is:
19. Effective interest rate accounts for:
20. Prepayment of loan reduces:
21. Floating interest rate means:
22. Processing fee for a loan is typically:
23. Question?
24. Question?
25. Question?