Answer:
$185350 is the correct answer.
Step-by-step explanation:
The formula for EMI is :
[tex]\frac{p*r*(1+r)^{n}}{(1+r)^{n}-1 }[/tex]
Lets suppose the principle amount be = p
rate or r = 6/12/100=0.005
EMI = $1112.10
Time or n = 30*12 = 360
Now, putting these values in formula,
[tex]1112.10=\frac{p*0.005*(1.005)^{360} }{(1.005)^{360}-1 }[/tex]
[tex]1112.10=\frac{0.005p*6.0225}{5.0225}[/tex]
[tex]1112.10*5.0225=0.03011p[/tex]
p = $185503.89
So, the principle amount becomes $185503.89
This is closest to $185350, so this is the correct answer.
