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Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). So, for example, if you're making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.
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ANSWER :
Here, interest is to become equal to the principal in 16 years.
Suppose principal =Rs.100
Interest=Rs.100
R=
P×T
SI×100
=
100×16
100×100
=
4
25
=6
4
1
%
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