Question

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 1

DKG DEXTEROUS ZONE

DK GOLA CLASSES

Answer 2

The amount of instalment to cover the principal and at 4% p.a C.i is Rs. 578.30

Step-by-step explanation:

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

P = annuity $\times$ sum of $\frac{1}{(1 + r)^n}$

10000 = annuity $\times$ 17.2920

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 .