Find her equal monthly repayments.

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Solution

Given,
Pratibha borrows Rs 47000 form finance company to buy her first car
so principal will be =47000
simple interest=17%
time for which money is borrowed=5years
Simple Interest $= \frac{p r i n c i p a l \times t i m e \times r a t e}{100}$
$= \frac{47000 \times 5 \times 17}{100} = 39950$
Amount of money Pratibha will repay the finance company at the end of five years wil be $(47000 + 39950) = 86950$
Amount of money Pratibha will repay in equal monthly installments will be
$= \frac{86950}{5} \times \frac{1}{12} = 1449$

Suggest Corrections

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

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