What annual installment will discharge a debt of total amount ₹34300 in 4 years at 15% simple interest ?
Answer & explanation
Correct answer: option 2
Let each installment be x, then
⇒ x + {x + \(\frac{x × 15 × 1}{100}\)} + {x + \(\frac{x × 15 × 2}{100}\)} + {x + \(\frac{x × 15 × 3}{100}\)} = 34300
⇒ \(\frac{15x}{100}\) + \(\frac{30x}{100}\) + \(\frac{45x}{100}\) + 4x = 34300
⇒ \(\frac{490x}{100}\) = 34300
⇒ x = 7000