- \(P\) is the principal loan amount (Rs 50,00,000 in this case).
- \(r\) is the monthly interest rate (annual rate divided by 12 and multiplied by 100).
- \(n\) is the total number of monthly installments (20 years multiplied by 12 months).
After calculating the EMI, you can find the total repayment amount by multiplying the EMI by the total number of installments.
Let me calculate that for you.
The monthly interest rate (\(r\)) is calculated as \(\frac{10.25}{12 \times 100}\), and the total number of monthly installments (\(n\)) is \(20 \times 12\).
Let me calculate the EMI and the total repayment amount for you.
Answers & Comments
Answer:
The EMI for a home loan of Rs 50,00,000 with an annual interest rate of 10.25% for 20 years is approximately Rs 48,537.
The total repayment amount over the loan tenure would be \(48,537 \times 12 \times 20\).
Step-by-step explanation:
To calculate the total repayment amount for a home loan, you can use the formula for calculating EMI (Equated Monthly Installment). The formula is:
\[EMI = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1}\]
Where:
- \(P\) is the principal loan amount (Rs 50,00,000 in this case).
- \(r\) is the monthly interest rate (annual rate divided by 12 and multiplied by 100).
- \(n\) is the total number of monthly installments (20 years multiplied by 12 months).
After calculating the EMI, you can find the total repayment amount by multiplying the EMI by the total number of installments.
Let me calculate that for you.
The monthly interest rate (\(r\)) is calculated as \(\frac{10.25}{12 \times 100}\), and the total number of monthly installments (\(n\)) is \(20 \times 12\).
Let me calculate the EMI and the total repayment amount for you.