1) What is the full form of EMI in financial mathematics? a) Equal Money Investment b) Equated Monthly Instalment c) Estimated Monthly Interest d) Effective Monthly Income 2) EMI is usually paid at which interval? a) Daily b) Weekly c) Monthly d) Yearly 3) A bank charges simple interest for a loan. If a borrower takes a loan of ₹60,000 for 2 years at 10% p.a., what is the total interest paid? a) ₹10,000 b) ₹12,000 c) ₹8,000 d) ₹15,000 4) Under the flat-rate method, the EMI is calculated using: a) Interest only on the outstanding balance b) Interest only on the principal c) Interest on the original principal for the entire duration d) Variable interest every month 5) A person takes a loan of ₹24,000 for 1 year at 12% p.a. simple interest using the flat-rate method. What will be the monthly EMI? a) ₹2,240 b) ₹2,200 c) ₹2,100 d) ₹2,000

AFL-EMI(FINANCIAL MATHEMATICS)

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