Question

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

Answer 1

I=PRN/100

=(15000*9*1)/(12*100)

= 10800

A=P+I

= 15000 + 10800 = 25800

Monthly Payment = (25800/96)

                             =Rs.268.75