Question

Sudhakar borrows 15000rs from a bank to renovate his house.He was 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

Hope this would help!!!