Quiz: How much interest would Akshay pay on a loan for 50000 at the rate of 8% for a period of 10 years?
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Akshay would pay Rs.40,000 as the interest.
Step-by-step explanation:
Given:
loan amount = Rs.50000
rate of interest on loan = 8%
tenure of the loan = 10 years
To find:
Amount of interest payable on the loan amount
Solution:
The interest will be calculated at the interest rate of 8% and for 10 years
Interest amount = P X R X T
100
here, P = loan amount = Rs.50,000
R = rate of interest on loan taken = 8%
tenure of loan = T = 10 years
Putting all the values
Interest = 50000 x 8 x 10
100
Interest = 4000000
100
Interest = Rs. 40,000
Thus, Akshay would end up paying an interest of Rs.40,000 altogether for 10 years on the loan of Rs.50,000.
which will amount to Rs.4000 per year and Rs.333.33 per month.
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