Question
Download Solution PDFVijaya and her friend took a loan of Rs. 42,000 to buy a boat. They paid back in equal monthly installment a total of Rs. 47040 in two years. How much did they pay back every month?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = 42,000
Paid after installment = 47040
Time = 2 years = 24 months
Calculation:
Vijaya and her friend took a loan for two years and installment are equal monthly.
The total amount paid back by Vijaya and her friend in 2 years = 47040
The amount they paid every month = 47040 / 24 = 1960
∴ They paid back Rs.1960 every month.
∴ Option 3 is correct.
Last updated on Apr 30, 2025
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