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What sum (in Rs) given on loan for two years with scheme of return on the basis of compound interest at ayearly rate of 10% will correspond to repayment through equal monthly installments of Rs 9075? |
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Answer» 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
LEARN More: I. A family buys a house worth $326,000. They pay $75,000 deposit ... I. A family buys a house worth $326,000. They pay $75,000 deposit ... |
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