Sudhakar borrows 15000 from a bank to renovate his house. he borrow the money at 9% p.a . simple interest over 8years. what are his monthly repayment
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his monthly repayment= 268.75
principal amt: 15000
interest:9% or 0.09
time:8yrs
then total int. for 8 yrs= (15000*0.09)*8= 10800
then total amt to be paid at the end of 8th year is 25800(i.e. 15000+10800)
then yearly repayment is 3225(i.e.25800/8year)
so monthly repayment is 268.75(i.e.3225/12months)
principal amt: 15000
interest:9% or 0.09
time:8yrs
then total int. for 8 yrs= (15000*0.09)*8= 10800
then total amt to be paid at the end of 8th year is 25800(i.e. 15000+10800)
then yearly repayment is 3225(i.e.25800/8year)
so monthly repayment is 268.75(i.e.3225/12months)
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