Question

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​

Answer 1

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.