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. Find:
(a) How much amount Prathibha should repay the finance company at the end of five years.
(b) her equal monthly repayments.
Answers
Answer:
Step-by-step explanation:
Principal = p = 47000
Time period = t = 5
Rate of interest = r = 17%
a) SI = PRT/100
SI = 47000×17×5/100
SI = Rs. 39950
Therefore, the interest for 5 years is Rs. 39950
Amount at the end of 5 years = Principal amount + interest
Amount = 47000+39950
= 86950
Thus, the amount at the end of 5 years is Rs. 86950
b) Monthly repayment = Amount/Number of months
= 86950/ 5 × 12
= 1449.17
Therefore, the monthly repayment is 1449.17.
Answer:
Step-by-step explanation:
Step-by-step explanation:
Principal = p = 47000
Time period = t = 5
Rate of interest = r = 17%
a) SI = PRT/100
SI = 47000×17×5/100
SI = Rs. 39950
Therefore, the interest for 5 years is Rs. 39950
Amount at the end of 5 years = Principal amount + interest
Amount = 47000+39950
= 86950
Thus, the amount at the end of 5 years is Rs. 86950
b) Monthly repayment = Amount/Number of months
= 86950/ 5 × 12
= 1449.17
Therefore, the monthly repayment is 1449.17.