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.) .
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