If in 3 years, you get Rs 4000 interest for a deposit of Rs 20000, in the same 3 years in same bank if you deposit Rs 60000, what will be the interest?
Answers
Answer:
Step-by-step explanation:
Example 1: Say you borrowed Rs.5 lakh as personal loan from a lender on simple interest. The interest rate is 18% and the tenure is 3 years. The interest you will end up paying to the bank will be:
(5,00,000 x 18 x 3) ÷ 100 = Rs.2,70,000
The interest you will be paying over the period of 3 years will be Rs.2.7 lakh. Therefore, the total repayment you will make to the bank will be Rs.7.7 lakh. On a monthly basis, this would come up to around Rs.21,389.
Example 2: Say you took a car loan on simple interest. The principal amount is Rs.12 lakh, the interest rate is 7%, and the tenure is 5 years. The interest you will end up paying will be:
(12,00,000 x 7 x 5) ÷ 100 = Rs.4,20,000
The interest you will be paying over the period of 5 years will be Rs.4.2 lakh. Therefore, the total repayment you will make will be Rs.16.2 lakh. On a monthly basis, this would come up to around Rs.45,000.