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I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year?
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I borrowed 2500 at 21% simple interest per annum for 3 years. if I was...
Calculating Yearly Instalment
To calculate the yearly instalment, we first need to determine the total amount to be repaid over the two-year period.
Step 1: Finding Total Amount to Repay
Given:
Principal amount (P) = $2500
Rate of interest (R) = 21%
Time (T) = 2 years
Simple Interest (SI) = (P * R * T) / 100
SI = (2500 * 21 * 2) / 100 = $1050
Total Amount to Repay = Principal + Interest
Total Amount = $2500 + $1050 = $3550
Step 2: Calculating Yearly Instalment
As the repayment is to be done in two years at equal yearly instalments, the yearly instalment can be calculated by dividing the total amount to be repaid by the number of years.
Yearly Instalment = Total Amount / Number of Years
Yearly Instalment = $3550 / 2 = $1775
Therefore, you would need to pay $1775 each year for two years to repay the loan of $2500 at 21% simple interest per annum.
To calculate the yearly instalment, we first need to determine the total amount to be repaid over the two-year period.
Step 1: Finding Total Amount to Repay
Given:
Principal amount (P) = $2500
Rate of interest (R) = 21%
Time (T) = 2 years
Simple Interest (SI) = (P * R * T) / 100
SI = (2500 * 21 * 2) / 100 = $1050
Total Amount to Repay = Principal + Interest
Total Amount = $2500 + $1050 = $3550
Step 2: Calculating Yearly Instalment
As the repayment is to be done in two years at equal yearly instalments, the yearly instalment can be calculated by dividing the total amount to be repaid by the number of years.
Yearly Instalment = Total Amount / Number of Years
Yearly Instalment = $3550 / 2 = $1775
Therefore, you would need to pay $1775 each year for two years to repay the loan of $2500 at 21% simple interest per annum.
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I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year?
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I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year?.
I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for I borrowed 2500 at 21% simple interest per annum for 3 years. if I was able to pay back in two years at equal yearly instalment, how much did I pay each year?.
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