Find the sum of money that amounts to₹26000 in 5 years ta the interest rate of 6% per
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Step-by-step explanation:
Here, P= Principal loan amount, R= Rate of interest, n= Number of monthly instalments.
An example:
Assuming, P= Rs 3 lakh, R= 15 percent per annum= 15/12= 1.250 per month, N= 60 months
EMI = =((300000*1.250/100*(1+1.250/100)^60/((1+1.250/100)^60-1))) = Rs 7,137
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