Question

if rs 40000 is given as a loan for periods of 3 years with the interest rate of 5%,7% ,9% in the 3 consecutive years respectively at S.I. find the amount to be paid at the end of three years​

Answer 1

Answer:

Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). So, for example, if you're making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.