CASE STUDY CHALLENGE
Financial Math: Home Loan Analysis
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.
Note: Use (1.00625)240 = 4.4608; (1.00625)91 = 1.7629.
Based on the above information, answer the following questions:
Answer the following:
| (i) | Determine the EMI. | [1] |
| (ii) | Find the principal paid by Mr. Aggarwal in the 150th instalment. | [1] |
| (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? |
[2] |