The annual installment that will discharge a debt of Rs. 5760 in 3 years at 10% simple interest per annum is:
Answer & explanation
Correct answer: option 3
Let each installment be x,
(x + \(\frac{x × 10}{100}\) ) + (x + \(\frac{x × 20}{100}\)) + (x + \(\frac{x × 30}{100}\) )= 5760
⇒ (\(\frac{10x + x}{10}\) ) + (\(\frac{5x + x}{10}\) ) + (\(\frac{10x + 3x}{10}\)) = 5760
⇒ (\(\frac{36x}{10}\) )= 5760
⇒ x = 1600