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What annual installment will discharge a debt of Rs 1450 due after five year at 8 percent pa simple interest?
Wiki User
∙ 12y ago
X = 100 * P * (Y) / 100 T + { RT ( T -- 1 ) /2}
Meanings of the variables
X = Annual equal installment
P = Debt
T = Time
R = Interest Rate
Y = 1 for yearly installment
Y = 2 for half yearly installment
BY putting the values
X = 100*1450/100*5+{8*5*4/2}
X = 145000/500+80
X= 250
Logic :
After 1st year installment will b = installment + interest of 4 years = 250+250*8*4/100 = 250+80=330.
After 2nd year installment will b = installment + interest of 3 years = 250+250*8*3/100 = 250+60=310.
After 3 year installment will b = installment + interest of 2 years = 250+250*8*2/100 = 250+40=290.
After 4 year installment will b = installment + interest of 1 years = 250+250*8*1/100 = 250+20=270.
After 5 year installment b = 250
By adding these installment = 330+310+290+270+250 = 1450.
Wiki User
∙ 12y ago
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