Ram borrowed 85000 at 12.5% per annum to buy laptop.What is the total amount he will pay in 5 years.Find the amount to be paid in monthly installment.
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given,
P = 85000 Rs
r = 12.5%
n = 5 years
use formula,
A = P( 1+ r/100)ⁿ
= 85000( 1+ 12.5/100)^5
= 85000( 1+ 0.125)^5
=85000( 1.125)^5
=153172.76 Rs
total months = 5 × 12 = 60 months
now,
installment /month = 153172.76/60
= 2552.8 Rs
P = 85000 Rs
r = 12.5%
n = 5 years
use formula,
A = P( 1+ r/100)ⁿ
= 85000( 1+ 12.5/100)^5
= 85000( 1+ 0.125)^5
=85000( 1.125)^5
=153172.76 Rs
total months = 5 × 12 = 60 months
now,
installment /month = 153172.76/60
= 2552.8 Rs
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