Question

1.
Sudhakar borrows 15000 from a bank to renovate his house. He borrows the money a
9%p.a. simple interest over 8 years. What are his monthly repayments?
12.​

Answer 1

$\huge{\text{\underline{Question:-}}}$

Sudhakar borrows 15000 from a bank to renovate his house. He borrows the money a 9% p.a. simple interest over 8 years. What are his monthly repayments?

$\huge{\text{\underline{Solution:-}}}$

★ According to formula:-

• Principal = P
• Rate = R%
• Time = T years
• Interest = I

★ Using formula:-

$\large{\boxed{\tt{I = (P × T × R)/100}}}$

★ Given:-

• Principal (P) = Rs 15000
• Time (T) = 8 years
• Rate (R) = 9%

★ Explaination:-

$\implies$Interest (I) = (P × T × R) / 100

$\implies$I = (15000 × 8 × 9) / 100

$\implies{\boxed{\text{ l = 10800}}}$

Therefore Interest in 8 years = Rs 10800

★ Total money to be repaid:-

$\implies$Rs (15000 + 10800)

$\implies{\boxed{\text{Rs 25800}}}$

$\implies$8 years = 8 × 12 months

$\implies{\boxed{\text{96 months}}}$

★ Monthly repayment:-

$\implies$Rs (25800 / 96)

$\implies{\boxed{\text{Rs 268.75}}}$

Hence,his monthly repayment is Rs 268.75

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Answer 2

Question :-

Sudhakar borrows 15000 from a bank to renovate his house. He borrows the money a 9%p.a. simple interest over 8 years. What are his monthly repayments?

Answer :-

→ His monthly payment is ₹268.75

Formula used :-

$\implies \: \boxed{\bf{Interest \: = \frac{P \times R \times T}{100} }} \\ \\ \therefore \\ P \: = principal \: amount \\ R \: = \: rate \\ T \: = \: time \:$

Step - by - step explanation :-

Given that,

• Principal amount (P) = ₹15,000

• Rate ( R) = 9 %

• Time (T) = 8 years

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Solution :-

Substitute the given value in the given formula ,

Then we get,

$\implies \: \small \bf{ interest \: = \frac{15000 \times 8 \times 9}{100} } \\ \\ \implies \: \boxed{ \bf{interest \: = 10800 } }$

Now ,

We know that,

$\small \bf{ \: amount \: = interest \: + \: principal \: amount} \: \\ \\ \implies \: \bf{ \:amount \: = 10800 + 15000 }\\ \\ \implies \: \: \boxed{\bf{amount \: = 25800}}$

We know that ,

• 8 years = 96 months

Therefore ,

Monthly payment is ↓

$\implies \: \frac{25800}{96} \\ \\ \implies \: 268.75$

Hence, His monthly payment is ₹ 268.75

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