You borrow $7500 to be repaid in 10 equal annual payments with 12% interest. What size of payment must you make annually

Question

There is 60% increase in an amount in 5 years at simple interest.
What will be the compound interest of Rs. 10000 after 3 years at the same rate (compounded annually)?

Answer 1

This is the formula to caluculate:

E = P×r×(1 + r)^n/((1 + r)^n - 1)

E is EMI

where P is Priniple Loan Amount
r is rate of interest
n is tenture in number

P = 7500
r = .12
n = 10

so
E = 7500*.12*(1.12)^10/[1.12^10 - 1]
or
E = 1327