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Suresh borrows Rs.6375 to be paid back with compound interest at the rate of 4 % pa by the end of 2 year in two equal yearly installments. How much will each installment will be?
- a)3840
- b)3380
- c)4800
- d)Data inadequate
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Suresh borrows Rs.6375 to be paid back with compound interest at the r...
25x/26 + 625/676x = 6375
x = (6375 * 676)/1275 = 3380
Most Upvoted Answer
Suresh borrows Rs.6375 to be paid back with compound interest at the r...
Given:
Principal amount (P) = Rs. 6375
Rate of interest (R) = 4%
Time period (t) = 2 years
Number of installments = 2
To find: Installment amount
Formula:
Compound Interest (CI) = P(1 + R/100)^t - P
Installment amount = CI/2 + P/2
Calculation:
Using the above formula,
CI = P(1 + R/100)^t - P
= 6375(1 + 4/100)^2 - 6375
= 6375(1.04)^2 - 6375
= 6375(1.0816) - 6375
= 6889.5 - 6375
= 514.5
Installment amount = CI/2 + P/2
= 514.5/2 + 6375/2
= 257.25 + 3187.5
= Rs. 3380.75
Therefore, each installment will be Rs. 3380.75 (approx). Hence, option (b) is the correct answer.
Principal amount (P) = Rs. 6375
Rate of interest (R) = 4%
Time period (t) = 2 years
Number of installments = 2
To find: Installment amount
Formula:
Compound Interest (CI) = P(1 + R/100)^t - P
Installment amount = CI/2 + P/2
Calculation:
Using the above formula,
CI = P(1 + R/100)^t - P
= 6375(1 + 4/100)^2 - 6375
= 6375(1.04)^2 - 6375
= 6375(1.0816) - 6375
= 6889.5 - 6375
= 514.5
Installment amount = CI/2 + P/2
= 514.5/2 + 6375/2
= 257.25 + 3187.5
= Rs. 3380.75
Therefore, each installment will be Rs. 3380.75 (approx). Hence, option (b) is the correct answer.
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Suresh borrows Rs.6375 to be paid back with compound interest at the rate of 4 % pa by the end of 2 year in two equal yearly installments. How much will each installment will be?a)3840b)3380c)4800d)Data inadequatee)None of theseCorrect answer is option 'B'. Can you explain this answer?
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