LIVE Course for free

Rated by 1 million+ students
Get app now
JEE MAIN 2023
JEE MAIN 2023 TEST SERIES
NEET 2023 TEST SERIES
NEET 2023
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
231 views
in Aptitude by (59.9k points)
closed by
John borrowed Rs.2,10,000 from a bank at an interest rate of 10% per annum, compounded annually. The loan was repaid in two equal installments, the first after one year and the second after another year. The first installment was interest of one year plus part of the principal amount, while the second was the rest of the principal amount plus due interest thereon. Then each installment, in Rs., is

1 Answer

0 votes
by (103k points)
selected by
 
Best answer

Calculation:

Let P = Principle, R = rate of interest and N = time period

Compound interest = P(1 + R/100)n - P

Let each installment be Rs.A.

⇒ 210000 = A/(1 + 10/100)2 + A/(1 + 10/100)

⇒ A = 121000

∴ The amount of each installment is Rs.121000.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...