Question

Roman's father is planning to buy a new car by taking loan.  Bank is giving loan of 2 lakhs rupees at the rate of 12% per year for one year. Calculate the monthly installment of the loan

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Answer 1

Step-by-step explanation:

P= ₹ 2,00,000

t=1 year

r=12%

I = ptr/100

= 200000×1×12/100

=24000

a=P+I

=200000+24000

=224000

monthly instalment= a/12

224000/12

18,666.666....

18,666 . 67 approximately