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Anshul takes a loan from the bank for 3 years. Bank gave the money to anshul at 15 % rate of interest and bank calculated his annual installment to be Rs. 243340. Find the amount of money that bank gives to the Anshul. 
1. Rs. 6,55,600
2. Rs. 5,25,600
3. Rs. 5,56,600
4. Rs. 5,55,600

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Correct Answer - Option 4 : Rs. 5,55,600

Given:

Annual installment = Rs. 243340

Rate % = 15 %

Total number of installment = 3

Formula used:

P = [{x/(1 + r/100)} + {x/(1 + r/100)2} + {x/(1 + r/100)3}]

Where x = annual installment

P = Principal

r = 15%

Calculation:

According to the formula,

P = [{x/(1 + r/100)} + {x/(1 + r/100)2} + {x/(1 + r/100)3}]

⇒ P = x[{100/(1 + r/100)} + {1002/(1 + r/100)2} + {1003/(1 + r/100)3}]

⇒ P = 243340 × [{100/(1 + 15/100)} + {1002/(1 + 15/100)2} + {1003/(1 + 15/100)3}]

⇒ P = 243340 × [20/23 + (20/23)2 + (20/23)3]

⇒ P = 243340 × 20/23[1 + 20/23 + (20/23)2]

⇒ P = 243340 × 20/23[1 + 20/23 + 400/529]

⇒ P = 243340 × 20/23[(529 + 460 + 400)/529]

⇒ P = 243340 × 20/23(1389/529)

⇒ P = Rs. 5,55,600

The amount of money that bank gives to the Anshul is Rs. 5,55,600  

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