Question
A Man deposited certain amount in the Bank at the end of each year. How much amount did he deposited at the end of each year at the rate of 15% simple Interest, so that he will get Rs. 980 at the end of 4th year?
Total Interest = 45 + 30 + 15 + 0 = 90 Total Amount = 400 + 90 = 490 units 490 units = 980 1 unit = 200 Formula Method :- Formula for Annual Payment/ Annual Income / Annual Installment = (Due Debt ×100)/(100 ×t+ (r × t ×(t-1) )/2) = (980 ×100)/(100 ×4+ (15 × 4 ×(4-1) )/2) = 98000/(400+90) = 200More Simple and compound interest Questions
- The simple interest on a sum of money is 9/20 of the sum. If the number of years is numerically half the rate per annum, then find the rate percent per ann...
- A sum of money amounts to Rs 7,260 in 2 years at 10% per annum, compounded annually. Find the principal.
- Simple interest on a sum at 8% per annum for 3 years is Rs. 1920. What is the principal?
- A sum of Rs. 9,600 earns a simple interest of Rs. 1,920 in 2 years at a certain annual rate. What will be the simple interest on Rs. 12,000 for 4 years at ...
- A certain sum of money becomes 3 times of itself in 10 years at simple interest. In how many years does it become double of itself at the same rate of simp...
- The difference between compound interest and simple interest at rate of 22% per annum for 2 years is Rs. 484. Find the simple interest obtained on same amo...
- Tina invested Rs. Y at simple interest for 2 years at the rate of 9% p.a. and earned Rs. 2700 as interest. If the same amount is invested at compound inter...
- Vikas borrowed Rs. 10,000 from his friend at compound interest of 20% p.a., compounding annually. He added Rs. 'Z' to this money and lent the total sum to ...
- A certain sum of money becomes 4 times of itself in 15 years at simple interest. In how many years does it become double of itself at the same rate of simp...
- A sum of money placed at simple interest becomes Rs. 14,400 in 4 years and Rs. 18,000 in 7 years. What is the initial amount invested?
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)