Question

. Mohan borrowed 30000 at 9% simple interest per
annum. He makes monthly payments for 4 years.
Find : (i) the total interest to be paid, (ii) the total
amount to be paid back, (iii) the monthly amount to
be paid.​

Answer 1

answer:

Given:

P =  $\tt Rs. 30000$

R =  $\tt 9 \percent$%

T =  $\tt 4\: years$

To find:

1. the total interest to be paid.
2. the total amount to be paid back.
3. the monthly amount to be paid.

Solution:

1. the total interest to be paid.

Simple Interest  =  $\large\tt \frac{PRT}{100}$  =  $\tt \frac{300\not {00}\times9\times4}{1\not00} = \boxed{\tt{Rs. 10800}}$

2. the total amount to be paid.

Amount = Simple Interest + Principle

             = 10800 + 30000

             = $\boxed{\tt{Rs. 40800}}$

3. The monthly amount to be paid.

total amount = 40800

total time =  4 years = 12 $\times$ 4 months = 48 months

Amount per month =  $\large\tt\frac{40800}{48} =\boxed{ \tt{Rs. 850}}$

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