Question

Find: ( a ) How much much amount Prathibha should repay the finance company at the end of five years. ( b ) her equal monthly repayments?

Answer 1

(a) $A=P+\left(\frac{P\times r\times t}{100}\right)$

$⟹A=47000+\left(\frac{47000\times 17\times 5}{100}\right)$

$⟹A=Rs.86,950$

(b)Equal monthly repayments$=\frac{Rs.86,950}{5\times 12}=Rs.1450$ per month (approx).