8. Mr. Rane has borrowed a sum of Rs. 1, 00,000 from a bank at 12% p.a. and is due to retum it back
in 5 monthly instalments. Find the EMI he has to pay and also prepare the amortization table of
repayment.
Answers
Answer:
padhaaku bache h kya tum sab
Given : Mr. Rane has borrowed a sum of Rs. 1, 00,000 from a bank at 12% p.a. and is due to retum it back in 5 monthly instalments.
To Find : EMI he has to pay
repare the amortization table of repayment.
Solution:
EMI Formula = [P x (R/100) x (1+ (R/100))ⁿ]/[(1+(R/100))ⁿ-1]
P = 1,00,000
R = 12 % PA = 1 % per month
n = 5
EMI = [100000 x (1/100) x (1+(1/100))⁵]/[(1+(1/100))⁵-1]
= 20,603.98
≈ 20,604
EMI to be Paid = Rs 20,604
amortization table of repayment
Interest Balance (Previous Balance + interest - EMI)
After 1 month 1000 80396
After 2 month 804 60596
After 3 month 606 40598
After 4 month 406 20400
After 5 month 204 0
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