Question

Sudhakar borrows ₹15000 from a bank to renovate his house. He borrows the money at 9%p.a. simple intrest over 8years. what is his monthly repayments​

Answer 1

➤ Given :-

Principle :- ₹15000

Rate of interest :- 9%

Time :- 8 years

$\:$

➤ To Find :-

Sudhakar's monthly repayments...

$\:$

➤ Formula required :-

${\tt \large \dashrightarrow \orange{\boxed{\tt \gray{\dfrac{Total \: Amount}{Time_{(in \: months)}}}}}}$

$\:$

★ How to do :-

Here, we are given with the principle amount, the rate of interest and the time taken to return the money back. We are asked to find the monthly repayments of that man. So, first we should find the simple interest by multiplying the principle, rate and time and then divide it by 100. The obtained answer will be the simple interest. Next, we should find the total amount by adding the simple interest and the principle amount. Later, we can use the monthly repayments of that man by using the given formula.

$\:$

➤ Solution :-

Simple Interest :-

${\tt \leadsto \dfrac{15000 \times 9 \times 8}{100}}$

${\tt \leadsto \dfrac{\cancel{15000} \times 9 \times 8}{\cancel{100}} = \dfrac{150 \times 9 \times 8}{1}}$

${\tt \leadsto 150 \times 72 = 10800}$

$\:$

Total Amount :-

${\tt \leadsto 10800 + 15000}$

${\tt \leadsto 25800}$

$\:$

Now,

Monthly repayments :-

${\tt \leadsto \dfrac{25800}{(8 \times 12)}}$

${\tt \leadsto \cancel \dfrac{25800}{96} = \boxed{\tt Rs \: \: 268.75}}$

$\Huge\therefore$ The monthly repayments of Sudhakar is₹268.75.

━━━━━━━━━━━━━━━━━━━━━

$\dashrightarrow$ Some related formulas :-

${\longrightarrow \boxed{\sf Simple \: Interest = \frac{P \times R \times T}{100}}}$

${\longrightarrow \boxed{\sf Principle = \dfrac{SI \times 100}{R \times T}}}$

${\longrightarrow \boxed{\sf Rate \: of \: Interest = \dfrac{SI \times 100}{P \times T}}}$

${\longrightarrow \boxed{\sf Time = \dfrac{SI \times 100}{P \times R}}}$