Sharma deposits a certain sum of money each month in a recurring deposit account of a bank if the rate of interest is 9% per annum and Sharma gets 5565 after 1 year and 3 months on the maturity find the value of his monthly installment

Asked by prakharsingh1402 | 9th Dec, 2019, 01:58: PM

Expert Answer:

Let Instalment per month(P) = Rs y

Number of months(n) = 15

Rate of interest(r)= 9%p.a.

Maturity value= Rs(y x 12 + 0.9y)= Rs 12.9y

Given maturity value= Rs 5565

Then Rs 12.9y = Rs 5565

Hence, y=431.4

Answered by Renu Varma | 10th Dec, 2019, 09:52: AM