7 years, the rate of interest being 892 p.a.?
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.
[2017]
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Answer:
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Answered by
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Answer:
Let the deposit per month =Rs.p
Number of months (n)=36
Rate of interest (r) =7.5%p.a.
∴S.I=P×
2×12
n(n+1)
×
100
r
⇒8325=P×
2×12
36×37
×
100
7.5
⇒8325=P×
2
3×37
×
100
7.5
⇒P=
3×37×7.5
8325×2×100
=Rs.2000
(2) maturity value =P×n+S.I=Rs.(2000×36+8325)=Rs.80325
Hence, this is the answer.
Step-by-step explanation:
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