Homework Answers
Principal amount = 80,000/-
Rate of interest ( i ) = 15% per annum
Time for which amount is received ( n ) = 8 years
Therefore total repayment amount at the end of 8 years would be :
Amount = principal ( 1 + i/100)^n
= 80000 ( 1 + 15/100)^9
= 280944.8/-
Therefore, total amount to be repay over 10 year period is :280944.8-
So , amount to pay every year starting from the end of 9th year is 280944.8/10 = 28094.48/-
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