8. Installment is equal to?
options given Bellow
(a) Principal + Interest
(c) Cash Price + Interest
(b) Principal - Interest
(d) Cash Price - Down Payment
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The EMI has an interest and a principal portion. Through the principal, the borrower repays the loan each month. Through the interest, he pays the bank the interest due on the outstanding loan amount.
A simple interest loan is one in which the interest has been calculated by multiplying the principal (P) times the rate (r) times the number of time periods (t). The formula looks like this: I (interest) = P (principal) x r (rate) x t (time periods).
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