Vipul purchases a car for rs 550000 he gets loan for 500000 at 15% per annum from a bank and balance rs 50000 he pays at a time of purchase. He has to pay whole amount of loan in 12 equal installments with interest starting from end of first month. The money he has to pay at the end of every month is
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Answer:
Rs 47916.66
Step-by-step explanation:
Loan amount=500000
interest I=500000*15*1/100
=Rs 75000
Total amount to be paid =500000+75000= Rs 575000
Hence amount of each installment:
=575000/12
=Rs 47916.66
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