Aman opened recurring account for 2.5 years.Bank paid 4137.50 on maturity.rate of interest is 8percnt per annum find monthly installment

Asked by lovemaan5500 | 11th Dec, 2017, 05:23: PM

Expert Answer:

begin mathsize 16px style Let space the space monthly space instalment comma space straight i. straight e. space straight P equals Rs. space straight x
Since space straight n equals 2.5 space years equals 30 space months space and space straight r equals 8 percent sign
Interest equals straight P cross times fraction numerator straight n left parenthesis straight n plus 1 right parenthesis over denominator 2 cross times 12 end fraction cross times straight r over 100 equals straight x cross times fraction numerator 30 cross times 31 over denominator 2 cross times 12 end fraction cross times 8 over 100 equals 3.1 straight x
As space the space money space deposited space in space 30 space months equals 30 straight x
Thus comma space maturity space value equals Rs. space 3.1 straight x plus 30 straight x equals Rs. space 33.1 straight x
Give comma space straight M. straight V equals Rs. space 4137.50
rightwards double arrow 33.1 straight x equals 4137.50
rightwards double arrow straight x equals 125
Thus comma space the space monthly space instalment space is space Rs. space 125. end style

Answered by Rashmi Khot | 12th Dec, 2017, 11:07: AM