A loan of 10000 is to be paid back in 30 equal installments. The amount of each installment to cover the principal and at 4%
Answers
Answered by
7
Given:
A loan of Rs.10,000 is to be paid back in 30 equal instalments. the amount of instalment to cover the principal and at 4% p.a C.i is?
Answer:
Principal = 10000
Rate of interest = 4%
T = 30
10000 = annuity 17.2920
Result:
The amount of instalment to cover the principal and at 4% p.a C.i is Rs. 578.30
Answered by
2
Answer:
Step-by-step explanation:
Principal = 10000
Rate of interest = 4%
T = 30
\sf {P = Annuity \times Sum\ of\ \frac{1}{(1 + r)^n}}
10000 = annuity 17.2920
\sf {Annuity = \frac{10000}{17.2920}= 578.30}
Result:
The amount of instalment to cover the principal and at 4% p.a C.i is Rs. 578.30
Similar questions