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      Question

      A man borrowed Rs. 5,300 at an annual compound interest

      rate of 12%, compounded yearly. He repaid the loan in two equal yearly installments. What was the amount of each installment?
      A Rs. 3136 Correct Answer Incorrect Answer
      B Rs. 2650 Correct Answer Incorrect Answer
      C Rs. 3324.16 Correct Answer Incorrect Answer
      D None of the above Correct Answer Incorrect Answer

      Solution


      Let the value of each installment be Rs. 'x'.

      Image
      So, each installment was of Rs. 3,136

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