Question
Download Solution PDFA man has to discharge a debt of ₹15,600 which is due in 3 years at 4% simple interest per annum. If he pays this amount in equal instalments of annual payment, find the amount for annual payment.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Debt (P) = ₹15600
Time (T) = 3 years
Rate of interest (R) = 4% per annum
Formula used:
The formula to calculate the annual instalment (I) to discharge a loan with simple interest is:
I = (p × 100) / [ ( n × 100) +{(n-1) + (n-2) +......+1 } × R]
p = principal
n= number of years
R =rate of interest in %
I = annual installment
Calculation:
⇒ I = (15600 × 100) / [ ( 3 × 100) +{(3-1) + (3-2) } × 4]
⇒ I = (₹15600 × 100) / [300 +{2+1}× 4]
⇒ I =(₹15600 × 100) /[300 +12]
⇒ I = (₹15600 × 100)/312
∴ The correct annual instalment is ₹5,000
The correct answer is option (4), ₹5,000
Last updated on Jun 3, 2025
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