Question

Prathibha borrows ` 47000 from a finance company to buy her first car. the rate of simple interest is 17% and she borrows the money over a 5 year period. find: (a) how much amount prathibha should repay the finance company at the end of five years. (b) her equal monthly repayments.​

Answer 1

Given :

• Prathibha borrows Rs 47000 from a finance company to buy her first car.

• The rate of simple interest is 17% and she borrows the money over a 5 year period.

To Find :

• (a) How much amount prathibha should repay the finance company at the end of five years.

• (b) Her equal monthly repayments.

Solution :

$\bigstar$ Here in the question it is given that Prathibha Borrows Rs. 47000 From a Finance Company to buy a Car. So, Principal is Rs 47000, rate of intrerst is 17% and Time is 5 years. Firstly, We will find the simple interest And after finding the simple interest we will Find the amount That she would repay after 5 years.

$\bigstar$ Now, In the Other part we have to find her equal Monthly repayments. So, that is Amount/ No. of months.

${ \underline{ \boxed{ \color{blue} { \pmb{Simple \: Interest = \dfrac{P × R × T}{100} }}}}} \: \red \star$

Where,

• Principal (P) = Rs. 47000

• Rate (R) = 17 %

• Time (T) = 5 years

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$\sf: \implies \dfrac{47000 \times 5 \times 17}{100}$

$\sf : \implies\dfrac{470\cancel{00} \times 5 \times 17}{1 \cancel{00}}$

$\sf : \implies47 \times 5 \times 17$

$: \implies { \boxed {\bf{Rs \: 39950}}} \: \pink \star$

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Amount She will repay after 5 years

$\sf: \implies47000 + 39950$

$: \implies { \boxed {\bf{Rs \: 86970}}} \: \pink \star$

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Now, Her equal monthly repayments

${ \underline{ \boxed{ \color{red} { \pmb{Monthly \: payments = \dfrac{Amount}{Number \: of \: months} }}}}} \: \red \star$

$\sf: \implies \dfrac{86970}{5 \times 12}$

$: \implies \boxed{ \bf Rs \: 1449.17} \: \pink \star$

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Therefore,

• (a) She will repay Rs.86970 to the finance company at the end of five years.

• (b) Rs. 1449.17 is her equal monthly repayments.

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