Hi, If Loan Amout is Rs.300000/-, tenor is 36months and EMI = 9964.3/- I would like to know the rate of Intrest per annum. Please put it bit detailed. Thanks in advance for any help.
2006-10-23 21:28:47 · 2 answers · asked by Raju 2 in Education & Reference ➔ Financial Aid
Please explain ? How we get the answer
2006-10-23 22:26:40 · update #1
Simple Interest = (Principal Amt X No. of years X Rate) / 100
Since Rs. 9964.3/- is the EMI for 36 months, total amount that will be paid by the end of three months is Rs. 358714.8/-.
So the Simple Interest = 358714.8 - 300000 = 58714.8
Now,
Simple Interest = Rs. 58714.8
Principal = Rs. 300000
No. of years = 3 years (36 months)
substituting all the values in the given formula, the rate of interest comes out to be about 6.5% per annum.
2006-10-24 03:47:15 · answer #1 · answered by A.S.I. - 7 4 · 0⤊ 0⤋
rate of intrest about 16%
2006-10-24 04:48:06 · answer #2 · answered by Viren 3 · 0⤊ 0⤋