Question

Ankur borrowed rs7500 to purchase a motorbike. he borrowed the amount at the rate of 12% per annum for 5 years and is paying back in monthly installments. find:(1) The total interest that will be paid back. (2)The total amount to be paid back. (3)The monthly installment to be paid.​

Answer 1

Answer:

1) 4500/-

2)12000/-

3)200/-

Step-by-step explanation:

Borrowed amount = 7500/-

Annual interest = 7500*.12=900

5 years interest= 5*900=4500/-

Total payment= 7500+4500=12000

Monthly Payment= 12000/(12*5)=200/-