Question

What sum (in Rs) given on loan for two years with scheme of return on the basis of compound interest at a
yearly rate of 10% will correspond to repayment through equal monthly installments of Rs 9075?​

Answer 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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