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.
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Answer:
principal=30000,rate9%per annum,time 4 years
S.I=p*t*r/100
=30000*9*4/100
=300*36=₹10800
total interest to paid=₹10800
the total amount to paid back ₹(30000-10800)
=₹19200
the monthly amount to paid ₹( 10800/48+30000)
=₹(225+30000)=₹30225
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