Question
Download Solution PDFA loan of ₹2,550 is to be paid back in two equal half-yearly instalments. How much is each instalment if the interest is compounded half-yearly at 8% p.a.?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹2,550
Rate (r) = 8% p.a. compounded half-yearly
Number of instalments (n) = 2
Formula used:
Instalment amount (A) =
Calculations:
Rate per half year =
⇒ Instalment amount (A) =
⇒ Instalment amount (A) =
⇒ Instalment amount (A) =
⇒ Instalment amount (A) =
⇒ Instalment amount (A) =
⇒ Instalment amount (A) = ₹1,352
∴ The correct answer is option 2.
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