Question

5. Mr. Richard has a recurring deposit account in
a post office for 3 years at 7.5% p.a. simple
interest. If he gets 8,325 as interest at the
time of maturity, find :
(i) the monthly instalment.
(ii) the amount of maturity.
​

Answer 1

Answer:

Given: Interest(I) = 8,325

Rate(r) = 7.25

no. of years (n) = 3

To Find: Principle(P) = ?

Total Amount = ?

p*n*r

I = ---------

100

Hence 8235*100 = 7.25*3*p

therefore p = 823500/21.75 = 37,862

the monthly installment is 37,862

A = P + I

= 37862 + 8325

= 36,187

The amount of maturity is 36,187

Answer 2

$\huge \bold \orange\star{P=2000}\red \star$

$\huge \bold \pink\star{MV=80325}\purple\star$