Question

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

Answer 1

Answer:

QUESTION:

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

Given:

Amount borrowed=₹15000

Rate of interest=9%

Time=8 years

Interest=?

Formula:

$I = \frac{PTR}{100}$

SOLUTION:

$I = \frac{15000 \times 8 \times 9}{100}$

$I = 1200 \times 9$

$I = 10800$

Amount=P+I

=15000+10800

=₹25800

Number of months=12×8

Payment per month:

$= \frac{25800}{8 \times 12}$

$= 268.75$

His repayment per month=₹265.75

Hope it helps you☺️

THANK YOU♡

Answer 2

Answer:

➡HERE IS YOUR ANSWER⬇

♧♧FORMULA♧♧

Principal = P

Rate = R%

Time = T years

Interest = I

So, the relation is :

I = (P×T×R)/100

♧♧SOLUTION♧♧

Given that :

Principal (P) = Rs 15000

Time (T) = 8 years

Rate (R) = 9%

Interest (I) = (P×T×R)/100

=> I = (15000×8×9)/100

= 10800

So, Interest in 8 years = Rs 10800

Then, total money to be repaid

= Rs (15000 + 10800)

= Rs 25800

8 years = 8×12 months = 96 months

Hence, monthly repayment

= Rs (25800/96)

= Rs 268.75

⬆HOPE THIS HELPS YOU⬅