Question

Ravi Borrows Rs 30000 from a bank to renovate house He borrow the money at 9%p.a. simple interest over 8 years. what are his monthly repayment

Answer 1

just multiply the given rate with the time

9 * 8 = 72

Now calculate 72% of 30000 = 21600

Alternatively you can use the formula

SI = PRT/100

P = Principal = 30000

R = 9 %

T = 8 years

Put all that in the above formula to get the result