A person borrowed 2,000 at 5% annual simple interest repayable in 3 equal annual installments. What will be the annual installment?
A. $${\text{Rs}}{\text{.}}\,730\frac{{10}}{{63}}$$
B. $${\text{Rs}}{\text{.}}\,840\frac{9}{{61}}$$
C. $${\text{Rs}}{\text{.}}\,640\frac{{11}}{{63}}$$
D. $${\text{Rs}}{\text{.}}\,250\frac{{10}}{{63}}$$
Answer: Option A
Solution(By Examveda Team)
$$\eqalign{ & {\text{Amount after 3 years}} \cr & = 2000 + \frac{{2000 \times 5 \times 3}}{{100}} \cr & = 2000 + 300 \cr & = 2300 \cr & {\text{EMI}} = \frac{{A \times 100}}{{100 \times t + rt\left( {\frac{{t - 1}}{2}} \right)}} \cr & = \frac{{2300 \times 100}}{{100 \times 3 + 5 \times 3\left( {\frac{{3 - 1}}{2}} \right)}} \cr & = \frac{{2300 \times 100}}{{315}} \cr & = \frac{{2300 \times 20}}{{63}} \cr & = \frac{{46000}}{{63}} \cr & = 730\frac{{10}}{{63}} \cr} $$Related Questions on Interest
Find the simple interest on Rs. 5200 for 2 years at 6% per annum.
A. Rs. 450
B. Rs. 524
C. Rs. 600
D. Rs. 624
Rs. 1200 is lent out at 5% per annum simple interest for 3 years. Find the amount after 3 years.
A. Rs. 1380
B. Rs. 1290
C. Rs. 1470
D. Rs.1200
E. Rs. 1240
Interest obtained on a sum of Rs. 5000 for 3 years is Rs. 1500. Find the rate percent.
A. 8%
B. 9%
C. 10%
D. 11%
E. 12%
Rs. 2100 is lent at compound interest of 5% per annum for 2 years. Find the amount after two years.
A. Rs. 2300
B. Rs. 2315.25
C. Rs. 2310
D. Rs. 2320
E. None of these
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