The annual payment of ₹1000 in 5 years at the rate of 10%p.a. simple interest will discharge a debt of what amount ?

6000

The Best way to find the answer:

10% = \(\frac{1}{10}\) ⇒ *add one in every year.*

Year ⇒ 1st  :  2nd  :  3rd  :  4th  :  5th

            10  :   11   :   12   :  13  :  14   ⇒ 60 (total)

1st year value is installment amount = 10R = 1000 (given)

Sum of ratio is total amount = 60R = 60 x 100 = 6000