Question

Varun borrows rupees 640000 from a finance company to buy a new house. The rate of simple interest is 12% p.a and he borrowed the money for five years 1- find the amount varun has to repay to the finance company.
2- find his equal month installments for the repayment of loan..


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give both answer ok​

Answer 1

Answer:

1. 678400. 2. 11306.67

Step-by-step explanation:

s.i = p x r x t / 100 = 640000 x 12 x 5 / 100

= 38400

Amount paid = 640000 + 38400 = 678400

2. 5 years = 60 months

per month installment = 678400 / 60 = 11306.67

Answer 2

Answer:

1 . 1024000

2. 8400

Step-by-step explanation:

1.

for one year 12% ROI

5 years 12×5= 60%

60% of 640000= 384000 wch is SI of 640000 for 5 years

now A=SI+P , 640000+384000= 1024000

amount to repay=1024000

2.

for 5 years 384000 then for 1 year is 384000/5=76800

here they asked for one month so in one year 12 months....

so for 12 months=76800 then for 1 month is 76800/12=8400

one month installation is 8400