Question

Mohan borrowed 50000 at 16 per annum interest rate for a finance company how much money he will have to return after 5 1/2

Answer 1

Answer:

P = A (1+i)n

A = 50000

i = 16/12 = 1.333/100 = 0.0133

n = 5.5×12 = 66

• we calculate with per month compound interest

= 50000(1.0133)⁶⁶

= 50000 ( 2.3964)

= 119820 rs