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One person took loan of 50400 rupees with per year compound interest of 10 % per annum.He returned the money in two same amount of installment so 2hat is the amount of per installment? |
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Answer» Answer:Amount of each Installment = Rs 29040 if Rs 50400 at rate of 10% PER annum PAID in two Annual installemnets Step-by-step explanation: Machine Price = 50400 rate of interest = 10 % Per annum Pay amount in two Equal annual installments Let say Installment = E Rs Interest for 1 st Yest = 50400 * 10 * 1 /100 = Rs 5040 Amount paid after 1 year = E Rs Amount remained to be paid after 1 Year = 50400 + 5040 - E = 55440 - E Rs Interest for next year = (55440 - E) * 10 * 1/100 = 0.1(55440 - E) Amount to be paid = (55440 - E) + 0.1(55440 - E) = 1.1(55440 - E) 1.1(55440 - E) = E => 2.1E = 1.1 * 55440 => E = 29040 amount of each Installment = Rs 29040 or using EMI formula E = P * (r/100) * ( 1 + r/100)ⁿ/( ( 1 + r/100)ⁿ - 1)) E = 50400 * (10/100) (1 + 10/100)² /((1 + 10/100)² - 1) E = 5040 * 1.1²/(1.1² - 1) E = 29040 installment Amount = Rs 29040 Step-by-step explanation: |
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