Find the amount of a loan of Rs 6000 at 4% per year and for 5 years

1.	Find the amount of a loan of Rs 6000 at 4% per year and for 5 years
Answer» <html><body><p>4155Step-by-step <a href="https://interviewquestions.tuteehub.com/tag/explanation-455162" style="font-weight:bold;" target="_blank" title="Click to know more about EXPLANATION">EXPLANATION</a>:P=6000 per month , R=5% After 1 year <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a>= 100 <a href="https://interviewquestions.tuteehub.com/tag/prt-593023" style="font-weight:bold;" target="_blank" title="Click to know more about PRT">PRT</a> = 100 6000×5×1 =300 New principle will be 6000+300=6300 but Rs 1200 was repaid ⟹P ′ =6300−1200=5100 After <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a> <a href="https://interviewquestions.tuteehub.com/tag/years-1464846" style="font-weight:bold;" target="_blank" title="Click to know more about YEARS">YEARS</a> Interest= 100 P ′ RT = 100 5100×5×1 =255 Principle for 3 rd year =5100+255=5355 but again Rs 1200 was repaid ∴ Outstanding =5355−1200 =4155</p></body></html>

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