Mr Roa has taken a housing loan of Rs 300000 from Bank of India at 8%p.a.
repayable over 7 years in equal instalments What is the instalment amount ?
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The installment amount is Rs.3858
Step-by-step explanation:
Mr. Roa has to pay a total interest of
(8×300000)÷100=24000.
The total sum comes to (300000+24000)=324000.
Therefore he has to pay 324000 in 7 years and in 1 year he will pay (324000÷7)= 46285.7142 =46286 in round figure and in one month a installment of (46286÷12) =3857.166 =3858(in round figure).
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