Question

Sudhakar borrow rupees 15000 from a bank to renovate his house he borrow the money at 9% simple interest over 8 years what are his monthly payments

Answer 1

Principle = rs 15000
Rate of interest =9%
Time =8 years
Simple amount =P[1+RT/100]
15000[1+9*8/100] (/means by (division)
1500[100+72/100]
150*72(*means multiplication)
Amount =rs25800
Monthly payment =25800/12*8
=268.75 monthly repayments