Question
Download Solution PDFWhat equal instalment of annual payment (in ₹) will discharge a debt that is due as ₹624 at the end of 5 years at 2% per annum simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Total debt = ₹624
Time = 5 years
Rate of interest = 2% per annum
Formula used:
Total amount = P (first year) + (P + 0.02P) (Second year) + (P + 0.04P) (third year) + (P + 0.06P) (fourth year) + (P + 0.08P) (fifth year).
Calculation:
Total amount = 5P + 0.2P = 5.2P
⇒ 5.2P = 624
⇒ P = 624 / 5.2 = 120
∴ The equal annual installment is ₹120.
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