Question

Sudhakar borrows ` 15000 from a bank to renovate his house. He borrows the money at 9% p.a. simple interest over 8 years. What are his monthly repayments?

Answer 1

SI=p x r xt/100
p=15000
r=9%
t=8years
SI=15000 x 9 x 8/100=150 x 72=10800
total amount =10800+15000=25800

now monthly payment=25800/(8 x 12)
=25800/96=278.4

Answer 2

Step-by-step explanation:

Principal (p)=15000/-

Time=8 years

Rate of interest (R) =9%

I = PTR÷100

I=15000x8x9÷100

I =150×8×9= 150×72

I =10800

Interest for 8 years is 10800/-

Amount to be paid at the end of 8years =P+I

A=15000+10800

A=25800

Monthly repayments=Amount÷No.ofmonths

=25800÷8×12

= 25800÷96

=268.75

Sudhakar Pays 268.75/- Monthly