Q1 of 48 Page 118

Sudhakar borrows Rs. 15000 from a bank to renovate his house. He borrows the money at 9% p.a. simple interest over 8 years. What are his monthly repayments?

Principal (P) = Rs. 15000

Time period (T) = 8


Rate of interest (R) = 9%




I = Rs. 10800


∴ Interest for 8 years is Rs. 10800


Amount to be paid at the end of 8 years = Principal + interest


Amount = 15000+10800


= 25800


∴ Amount to be paid at the end of 8 years is Rs. 25800



⇒ monthly repayment =


= 268.75


∴ Sudhakar pays Rs. 268.75 monthly.


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