determine the monthly payment of an automobile loan of rs 1000000 for 10 years at the rate of 12% per annum. how much interest is paid during the 10 years period ?
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Answer:
Here, P= Principal loan amount
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Answer:
Step-by-step explanation:
Let loan be principle = 10,00,000
Time period = 10 years
Rate of Interest = 12% per annum
SI = PTR/100
SI = 10,00,000 X 10 X 12/ 100 = 12,00,000
SI = P + A
10,00,000 + 12,00,000 = 22,00,000
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