Question

A farmer borrrowd a loan of Rs. 20,000 from a bank and repaid the amount by paying Rs.1875 per month for 12 months. If he had borrowed Rs.30,000, how much money he would have repaid to the bank with same rate of interest and same time period

Answer 1

Here, V=Rs.30000,r=12%=0.12 and n=20.

We know V=

r

A

[1−(1+r)

−n

]

Thus 30000=

0.12

A

[1−(1+0.12)

−20

]

⇒ A=

[1−(1+0.12)

−20

]

30000×0.12

⇒ A=

[1−(1.12)

−20

]

3600

⇒ A= Rs. 4016.76

Answer 2

Answer:

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Explanation:

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