Question

sudhakar borros 15000 from a bank to renovate his house he borrows the money 9% p.a . simple intrest over 8 years . what are his monthly repayments

Answer 1

Principal=Rs.15,000
Rate=9%p.a.
Time=8 years
SI=PRT/100
=15000×9×8/100
=Rs.10,800
No.of months=12×8
=96
Montly payment=10800÷96
=Rs.112