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What annual payment will discharge a debt of Rs.7620 due in 3 years at 16 2/3% per annum interest? |
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Answer» Let each installment be Rs.x. Then,(P.W. of Rs.x due 1 year hence)+(P>W of Rs.x due 2 years hence)+(P.W of Rs. X due 3 years hence)=7620. x/(1+(50/3*100))+ x/(1+(50/3*100))2 + x/(1+(50/3*100))3 =7620 (6x/7)+(936x/49)+(216x/343)=7620. 294x+252x+216x=7620*343. x=(7620*343/762)=3430. Amount of each installment=Rs.3430. |
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