8. After five years, Mr C will receive a pension of Rs 600 per month for 15 years. How much can Mr C borrow now at 12 % interest so that the borrowed amount can be paid with 30% of the pension amount? The interest will be accumulated till the first pension amount becomes receivable. (Assume that the monthly interest rate corresponding to an annual interest rate of 12% is 1%)
Mathbot Says...
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