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What annual installment will discharge a debt of 22800 due in 10 years at 20% simple interest?
1. 1500
2. 1400
3. 1200
4. 800
5. None of the these

1 Answer

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Best answer
Correct Answer - Option 3 : 1200

Given:

A debt of 22800 due in 10 years at 20% simple interest

Formula used

If borrowed amount be B and it is paid in equal installments

B = na + (ra/100 × Y) × n(n-1)/2

Where Y= number of installments per annum

Calculation

We know that,

B = na + (ra/100 × Y) × n(n-1)/2

Where Y= number of installments per annum

a = annual installment

Here M = 22800, y=1, r =20, n=10,

Put the value,

   22800 = 10 a + 20a/100 × 10(10 -1)/2

22800 = 10a + 9a

22800 = a[19]

a = 1200

Hence, annual installment = 1200

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