Question

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%​

Answer 1

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

$\sf {P = Annuity \times Sum\ of\ \frac{1}{(1 + r)^n}}$

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

Answer 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