Question

Ez.3. A loan of 12,300 at 5% per annum compound interest, is to be repaid in two equal annual in- stalments at the end of every year. Find the amount of each instalment. (1) 6,651 (2) * 6,615 (3) * 6,516 (4) * 6,156

11th - 12th Class

Maths

Solution

4.0 (1 ratings)

Sol. (2) Let each instalment be ( x ). ( thereforeleft(frac{x}{left.1+frac{5}{100}right)}+frac{x}{left(1+frac{5}{100}right)^{2}}=12300right. ) ( Rightarrow frac{20 x}{21}+left(frac{20}{21}right)^{2} x=12300 ) ( Rightarrow frac{20 x}{21}left(1+frac{20}{21}right)=12300 ) ( Rightarrow frac{20 x}{21} times frac{41}{21} times x=12300 ) ( Rightarrow x=frac{12300 times 21 times 21}{20 times 41} ) ( therefore x=₹ 6615 )