Question

Mr.swami gets salary 34000 and needs a loan of 18lacs in 30 years at 8.5% so what would be IIR​

Answer 1

Answer:340/441

Step-by-step explanation:

Just use the formula for

S.I = P*R*T/100

So 1800000*8.5*30/(100)= 44100 will be the total Interest

Then IIR i.e Income to installment ratio= (34000/44100) = 340/441