Rs.2210 is payable after 4 years at the rate of 7% per annum. If a person wants to pay in 4 equal installments, then find each installment amount.

Rs.400 Rs.640 Rs.600 Rs.650

Rs.640

Installment = \(\frac{P\;(100\;+\;nr)}{100n\;+\;\frac{n(n\;-\;1)r}{2}}\)                    = \(\frac{2210\;(100\;+\;(4×7))}{100×4\;+\;\frac{4(4\;-\;1)7}{2}}\)                    = \(\frac{2210\;×\;128}{442}\) = 640