Question

a man borrows 8000 and agrees to repay with total interest of 1360 in 12 monthly instalments. Each instalment being less than the preceding one by 40 find the first and last instalment
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Answer 1

Answer:

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Answer 2

QUESTION...

• a man borrows 8000 and agrees to repay with total interest of 1360 in 12 monthly instalments. Each instalment being less than the preceding one by 40 find the first and last instalment

ANSWER...

• The amount of money that man borrows is Rs8000 and the interest he has to pay is Rs1360.

The total money he has to pay is,

8000+1360=Rs9360

Since, he has to pay in 12 installments with a difference of 40 in each installment, then, it will form an A.P. where d=−40, n=12 and S

n

=9360.

Therefore,

S

n

=

2

n

[2a+(n−1)d]

9360=

2

12

[2a+(12−1)(−40)]

9360=6(2a−440)

1560=2a−440

2a=2000

a=1000

The last term in A.P. is,

a

n

=a+(n−1)d

=1000+(12−1)(−40)

=1000−440

=560

Therefore, the first installment is Rs1000 and the last installment is Rs560.