What annual installment will clear a debt of ₹4,500 due in 5 years at 8% p.a. simple interest?
ATQ, To calculate the annual installment that will clear a debt of ₹4,500 due in 5 years at 8% p.a. simple interest, we use the formula for the total amount payable with simple interest: Total Amount Payable=Principal+(Principal × Interest Rate × Time) In this case: Principal = ₹4,500 Interest Rate = 8% (0.08) Time = 5 years Calculating the total amount payable: Total Amount Payable=4,500+(4,500×0.08×5) Total Amount Payable=4,500+(4,500×0.40) Total Amount Payable=4,500+1,800 Total Amount Payable=6,300 Calculating the annual installment:
Therefore, the annual installment that will discharge the debt of ₹4,500 due in 5 years at 8% p.a. simple interest is Rs. 1,260.
Yastika Bhatia and Renuka Singh Thakur have been recently roped in as the brand ambassadors of which automobile company?
The country has registered its highest-ever FDI inflows of $84.84 billion in which of the following FY?
Which of the following is the net interest income divided by average interest earning assets?
IBM has expanded its partnership with Amazon Web Services (AWS) to launch an innovation lab in _________ so as to help mutual clients derive value from ...
The third and fourth working group session of the 1st Cultural Working Group Meeting was organized recently at which of the following city?
In the Coursera's Global Skills Report 2022, What was India’s rank in it?
Professor Deepak Dhar has become the first Indian to be awarded the Boltzmann Medal. He shares the medal with John J Hoefield of Princeton University. I...
Which bank has launched ‘Sarathi’, a first-of-its-kind digital onboarding journey to enable Electronic Data Capture (EDC) or Point of Sale (POS) f...
Which financial institution paid Rs 857 crore dividend to the government for FY24?
Indian Oil embarks on Intensified TB Elimination Project in ____and _____ in collaboration with Central TB Division.