1.

. Mohan borrowed 30000 at 9% simple interest perannum. He makes monthly payments for 4 years.Find : (i) the total interest to be paid, (ii) the totalamount to be paid back, (iii) the monthly amount tobe paid.​

Answer»

answer:

GIVEN:

P =  \tt Rs. 30000

R =  \tt 9 \percent%

T =  \tt 4\: years

To find:

  1. the total interest to be paid.
  2. the total amount to be paid back.
  3. the MONTHLY amount to be paid.

Solution:

1. the total interest to be paid.

Simple Interest  =  \large\tt \frac{PRT}{100}  =  \tt \frac{300\not {00}\times9\times4}{1\not00} = \boxed{\tt{Rs. 10800}}

2. the total amount to be paid.

Amount = Simple Interest + Principle

             = 10800 + 30000

             = \boxed{\tt{Rs. 40800}}

3. The monthly amount to be paid.

total amount = 40800

total TIME =  4 years = 12 \times 4 months = 48 months

Amount PER month =  \large\tt\frac{40800}{48} =\boxed{ \tt{Rs. 850}}

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