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

Hi,
here is the answer
(a)
P = 47000.₹ R =17%. T=5 yrs

total amount = P + Interest


$i = prt \div 100$
interest = ( 47000×17×5)/100
= 39,950₹

total amount = 47000 + 39950
=86950₹

(b)
total amount paid after 5 years = 86950₹
total time period = 5 years = 60 months

amount paid per month=total amount/total time
= 86950 / 60
=1449.16 ₹ Ans.
hope you lile it✌️

Answer 2

Hi,

here is the answer

(a)

P = 47000.₹ R =17%. T=5 yrs

total amount = P + Interest

interest = ( 47000×17×5)/100

= 39,950₹

total amount = 47000 + 39950

=86950₹

(b)

total amount paid after 5 years = 86950₹

total time period = 5 years = 60 months

amount paid per month=total amount/total time

= 86950 / 60

=1449.16 ₹ Ans.