Question : A person borrowed INR 2,000 at 5% annual simple interest repayable in 3 equal annual instalments. What will be the annual instalment?
Option 1: INR $730\frac{10}{63}$
Option 2: INR $840\frac{10}{63}$
Option 3: INR $640\frac{11}{63}$
Option 4: INR $250\frac{10}{63}$
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Correct Answer: INR $730\frac{10}{63}$
Solution :
P = INR 2,000
Rate = 5%
Time = 3 years
Instalment = $\frac{A\times 100}{N\times 100 + ((N-1) + (N-2) + .....1)\times R }$
where, $A$ = Amount, $R$ = Rate, $N$ = Number of Years
Simple Interest = $\frac{P\times R\times T}{100} = \frac{2000\times 5\times 3}{100} = 300$
Amount = 2000 + 300 = Rs. 2300
Instalment = $\frac{2300\times 100}{3\times 100 + (2+1)\times 5}$
$= \frac{46000}{63} = 730\frac{10}{63}$
Hence, the correct answer is INR $730\frac{10}{63}$.
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