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A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments. How much is each instalment, if the rate of interest charged 4% per annum compound annually ?
- a)Rs.1,90,450
- b)Rs.1,65,876
- c)Rs.1,76,545
- d)Rs.1,85,834
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments....
Total value of all the 3 instalments
[X*100/104] + [X*100*100/104] = 3,50,500
X*25/26 + x*625/676 = 3,50,500
X*25/26[1+25/26] = 3,50,500
X*25/26[51/26] = 3,50,500
X = 3,50,500*676/25*51 = 1,85,833.72 = 1,85,834
[X*100/104] + [X*100*100/104] = 3,50,500
X*25/26 + x*625/676 = 3,50,500
X*25/26[1+25/26] = 3,50,500
X*25/26[51/26] = 3,50,500
X = 3,50,500*676/25*51 = 1,85,833.72 = 1,85,834
Most Upvoted Answer
A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments....
Total value of all the 3 instalments
[X*100/104] + [X*100*100/104] = 3,50,500
X*25/26 + x*625/676 = 3,50,500
X*25/26[1+25/26] = 3,50,500
X*25/26[51/26] = 3,50,500
X = 3,50,500*676/25*51 = 1,85,833.72 = 1,85,834
[X*100/104] + [X*100*100/104] = 3,50,500
X*25/26 + x*625/676 = 3,50,500
X*25/26[1+25/26] = 3,50,500
X*25/26[51/26] = 3,50,500
X = 3,50,500*676/25*51 = 1,85,833.72 = 1,85,834
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Community Answer
A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments....
Given, amount to be paid back = Rs. 3,50,500
Rate of interest = 4% per annum
Number of instalments = 2 (equal annual instalments)
Let each instalment be x.
After the first year, the amount remaining to be paid will be (1 + 4/100) times the initial amount subtracted by the first instalment.
Therefore, after the first year, the remaining amount will be (1 + 4/100) * 3,50,500 – x.
Since the two instalments are equal, we can write:
x + x/(1 + 4/100) = 3,50,500/2
Simplifying the above equation, we get:
2x + 0.08x = 1,75,250
2.08x = 1,75,250
x = 1,75,250/2.08
Hence, each instalment is approximately Rs. 1,85,834.
Therefore, the correct answer is option D.
Rate of interest = 4% per annum
Number of instalments = 2 (equal annual instalments)
Let each instalment be x.
After the first year, the amount remaining to be paid will be (1 + 4/100) times the initial amount subtracted by the first instalment.
Therefore, after the first year, the remaining amount will be (1 + 4/100) * 3,50,500 – x.
Since the two instalments are equal, we can write:
x + x/(1 + 4/100) = 3,50,500/2
Simplifying the above equation, we get:
2x + 0.08x = 1,75,250
2.08x = 1,75,250
x = 1,75,250/2.08
Hence, each instalment is approximately Rs. 1,85,834.
Therefore, the correct answer is option D.
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A sum of Rs.3,50,500 is to be paid back in 2 equal annual instalments. How much is each instalment, if the rate of interest charged 4% per annum compound annually ?a)Rs.1,90,450b)Rs.1,65,876c)Rs.1,76,545d)Rs.1,85,834e)None of theseCorrect answer is option 'D'. Can you explain this answer?
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