Question
A person 'X' borrowed Rs. 4,000
from a bank on simple interest, which is to be repaid in three equal annual installments. The rate of interest charged by the bank is 25% per annum. Determine the approximate amount of each installment.Solution
ATQ, Amount = Principal × (rate/100) × time + Principal So, amount = 4,000 × (25/100) × 3 + 4,000 Or, amount = Rs. 7,000 Using, A = nx + [(n - 1) + (n - 2) + .... + 1] × Rx ÷ 100 Where, 'A' is the amount, 'n' is the time, 'x' is the amount of each installment and 'R' is rate of interest So, 7,000 = 3x + (2 + 1) × 25x ÷ 100 Or, 7,000 = 3x + 0.25x Or, 7,000 = 3.25x Or, 'x' = (7,000/3.25) ~ 2,154 Therefore, amount of each installment is Rs.2154 (approx.) .
Which of the following facts are not true in regards to G20?
1.   It was formed in 1998
2.   Formed in the backdrop of Asian fin...
With reference to abundant elements in Earth's Crust, which among the following is the most abundant metal in the earth's crust?
Which of the following statements is correct?
Which of the following places of India can have maximum temperature difference between the day and night?
Which aspects of the Export Promotion Capital Goods (EPCG) Scheme were simplified by the Directorate General of Foreign Trade (DGFT) in July 2024?
<...Which book has been authored by Rabindra Bharali?
Who among the following is the author of the book 'The Zoya factor'?
The Amazon River, the largest river by discharge volume of water in the world, does NOT pass through which of the following South American cities?
All fraud cases of value below ₹ 10,000/- involving bank officials, should be referred to the ___ of the bank?
Consider the following statements about the use of behavioural parameters by GSTN to enhance voluntary compliance with reference to GST (Goods and Servi...
Relevant for Exams:
