4. Mr. Chat
years at 11%
urvedi has a recurring deposit account in Grindlay's Bank for 4
P.a. (simple interest). If he gets 101418-75 at the time of maturity, find the monthly
instalment
Linhank of 600 per month. If the
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Think of x as a monthly in stallment
Profit rate = 11%
Duration (n) = 4 ½ years = 54 months
We know that
Total header for one month = x × n (n + 1) / 2
Enter the value of n
= x × (54 × 55) / 2
So we get it
= 1485x
Here Interest = PRT / 100
Pricing
= (1485x × 11 × 1) / (100 × 12)
= 13.6125x
So the maturity value = 54x + 13.6125x
= 67.6125x
By estimating the value
67.6125x = 101418.75
x = 101418.75 / 67.6125 = ₹ 1500
Therefore, the monthly deposit is ₹ 1500.
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