Practicing Success
A loan is to be returned in two equal yearly installments, if the rate of interest is 30% p.a. compounded annually, and each installment is Rs. 8112 then the total interest charges in this scheme is? |
5481 5184 5841 5814 |
5184 |
30% = \(\frac{3}{10}\) Ist year = 10 13 IInd year = 100 169 Now equal both installment 130 169 100 169 -------------------------------------------- 230 338 Principal Due debt x48 169 unit → 8112 1 unit → 48 Interest = 338 - 230 = 108 = 48 × 108 = 5184 |