Question
Download Solution PDFWhat annual instalment will discharge a debt of ₹10,920 due in 3 years at 12% simple interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Total debt = ₹10,920
Time (T) = 3 years
Rate of interest (R) = 12% per annum
Formula used:
Total debt = I + (I + 0.12I) + (I + 0.24I)
Calculation:
Total debt = ₹10,920
⇒ I + 1.12I + 1.24I = 10,920
⇒ 3.36I = 10,920
⇒ I = 10,920 ÷ 3.36
⇒ I = ₹3,250
∴ The annual instalment required is ₹3,250.
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