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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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
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