Manish took a housing loan of 5,00,000 rupees form as bank at 10% p.c.p.a. for 5 years. What is the yearly intrest he must pay and the total amount he returns to the bank ? ans
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Explanation:
Principal amount is 70,000Rs
Rate of Interest is 9%
Time period is 3ys
I=
100
PRT
I=
100
70,000×9×3
=18,900Rs.
A=P+I
A=70,000+18,900=88,900Rs.
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