Question
Download Solution PDFWhat annual installment will discharge a debt of ₹5,460 due in 5 years at 10% simple interest per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Total debt = ₹5,460
Time = 5 years
Rate of interest = 10% per annum
Formula used:
Total Debt = P × (1 + 1 + 1 + 1 + 1) + P × 0.1 × (4 + 3 + 2 + 1)
Calculation:
Total Debt = 5P + 0.1P × 10 = 6P
⇒ 6P = 5460
⇒ P = 5460 / 6 = 910
∴ The annual installment is ₹910.
Last updated on Jun 3, 2025
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