Question

mr x takes a loan of rs 50000 from hdfc bank. the rate of interest is 10% per annum. the first installment will be paid at the end of year 5. determine the amount of Equal annual instalnents if Mr. x wishes to repay the amount in five installment​

Answer 1

Step-by-step explanation:

Tell explain in this question

Answer 2

Given:

Principal amount: Rs. 50,000

Rate of interest: 10% per annum

The first ins-tallment is after 5 years.

To find:

equal five annual inst-allments.

Solution:

The five equal inst-allments for Mr X loan from hdfc bank is Rs. 20,000

Principal amount: Rs. 50,000

Rate of interest: 10% per annum

The first inst-allment is after 5 years.

The total number of years is 10 years.

First, five years has no inst-allment as the first ins-tallment is after 5 years of taking the loan.

Since there are 5 ins-tallations there are 5 years ahead of the first ins-tallation.

$SI = prt$

SI- Simple Interest

p - principal amount(Rs. 50,000)

r - rate per annum (10%)

t - time (5+5)

adding the values

$SI = 50000 \times \frac{10}{100} \times 10$

$SI = 50000$

The formula for Amount is-

$Amount = Principal + SI$

$Amount = 50000 + 50000$

$Amount = 100000$

Therefore, the equal Ins-tallments are

$Inst.allments = \frac{Amount}{5}$

$Ins.tallments = \frac{100000}{5}$

$Ins.tallments = 20000$

Therefore, the equal annual ins-tallment for each year after 5 years is Rs. 20,000 per annum.