Q. 14.1( 55 Votes )

# 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?

Answer :

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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