Math, asked by shivamvats854, 8 months ago

What sum (in Rs) given on loan for two years with scheme of retum on the basis of compound interest at a

yearly rate of 10% will correspond to repayment through equal monthly installments of Rs 9075?​

Answers

Answered by RvChaudharY50
2

Given :- What sum (in Rs) given on loan for two years with scheme of retum on the basis of compound interest at a

yearly rate of 10% will correspond to repayment through equal monthly installments of Rs 9075 ?

Solution :-

Let us assume that, required sum is Rs.P .

Than, from given data we have :-

  • Principal = Rs.P
  • Rate = R = 10% compounded annually = (10/12)% monthly .
  • Time = T = 2 years = 2 * 12 = 24 months.
  • Monthly installment = Rs.9075 .

we know that,

  • Monthly installment = [P * (R/100)] * {1 + (R/100)}^(T)[{1+(R/ 100)}^(T)- 1]

Putting all values we get,

→ 9075 = [P * (10/1200)] * {1+ (10/1200)}²⁴ * [{(1+ (10/1200)}²⁴ - 1]

→ 9075 = (P/120) * (121/120)²⁴ * {(121/120)²⁴ - 1}

→ P = Rs.196670 (Ans.)

Hence, Rs.196670 was given to loan for 2 years.

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Answered by amitnrw
1

Given : loan for two years with scheme of retum on the basis of compound interest at a  yearly rate of 10% will correspond to repayment through equal monthly installments of Rs 9075

To Find : Amount of Loan

Solution:

EMI Formula =  [P x (R/100) x (1+(R/100)ⁿ]/[(1+(R/100)ⁿ-1]

EMI = 9075

R = 10 % per annum = 10/12 %  per month

P = ?

n =24    (2 years = 24  Months )  

9075 = (P * 10/1200 ) * ( 1 + 10/1200)²⁴ / (( 1 + 10/1200)²⁴ - 1)

=> P = 196670 Rs

Loan Amount =  196670 Rs

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