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What annual payment will discharge a debt of Rs. 6450 due in 4 years at 5% per annum simple interest?
- a)Rs. 1400
- b)Rs. 1500
- c)Rs. 1550
- d)Rs. 1600
Correct answer is option 'B'. Can you explain this answer?
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Calculation of Annual Payment to Discharge Debt:
- Given variables:
- Principal amount (P) = Rs. 6450
- Time period (n) = 4 years
- Rate of interest (R) = 5% per annum
Formula for calculating total amount to be paid:
- Total amount to be paid (A) = P + (P * R * n)
Substitute the given values into the formula:
- A = 6450 + (6450 * 5/100 * 4)
- A = 6450 + (6450 * 0.05 * 4)
- A = 6450 + (6450 * 0.2)
- A = 6450 + 1290
- A = Rs. 7740
Annual Payment to discharge the debt:
- Annual Payment = Total amount / Time period
- Annual Payment = 7740 / 4
- Annual Payment = Rs. 1935
Approximate nearest option:
- The closest option to Rs. 1935 is Rs. 1500 (Option B).
Therefore, the correct annual payment to discharge the debt of Rs. 6450 due in 4 years at 5% per annum simple interest is Rs. 1500.
- Given variables:
- Principal amount (P) = Rs. 6450
- Time period (n) = 4 years
- Rate of interest (R) = 5% per annum
Formula for calculating total amount to be paid:
- Total amount to be paid (A) = P + (P * R * n)
Substitute the given values into the formula:
- A = 6450 + (6450 * 5/100 * 4)
- A = 6450 + (6450 * 0.05 * 4)
- A = 6450 + (6450 * 0.2)
- A = 6450 + 1290
- A = Rs. 7740
Annual Payment to discharge the debt:
- Annual Payment = Total amount / Time period
- Annual Payment = 7740 / 4
- Annual Payment = Rs. 1935
Approximate nearest option:
- The closest option to Rs. 1935 is Rs. 1500 (Option B).
Therefore, the correct annual payment to discharge the debt of Rs. 6450 due in 4 years at 5% per annum simple interest is Rs. 1500.
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