Question

UNHILI

BANKIN
Choose the correct answer from the followin
1. A person purchased a lap top for Rs.30000 by
raising a loan from the bank at 12% on simple
rate of interest, payable in 2 years as weekly
payment. The total amount of interest would be
Rs. and the weekly instalment would be a
Rs.
a. 7200, Rs.357.60 b . 3600, Rs.357.60
c. 7200, Rs.715.20 d. 3600, Rs.715.20
A is the correct answer but how?​

Answer 1

Explanation:

I = PRT = 30000 * (12/100) * 2 = 7200

interest = 7200

loan = 30000

total = 37200

we have 52 weeks in a year, he collected the loan for 2 years which becomes 104 weeks

the loan and interest = 37200 divided by 104 weeks

to get weekly installment

37200 / 104 = 357.69