Question

ravi borrows Rs.30,000 from a bank to renovate his house.he borrows the money at 9%p.a.simple interest over 8 years.what are his monthly payments?

Answer 1

HEY MATE HERE IS YOUR ANSWER

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Principal : 30,000
Rate : 9% p.a
Time : 8 years

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We know,

$= > a = p(1 + \frac{r}{100} {)}^{8}$
$a = 30000(1 + \frac{9}{100} {)}^{8}$
=> A = 30000 × (109 / 100) ^8
=> A = 30000 ×

Therefore, his monthly payment is