Question

A man gets ₹4596 at end of 1 year at rate of 6% p.a. in a recurring deposit account. Find monthly installment

Answer 1

Step-by-step explanation:

we know the formula for simple interest;

S.I=100P×T×R

let the amount he invested be Rs.P.

1200=100p×2×6

P=10000

1. monthly instalment: 

                                     =10010000×121×6=50

hence the monthly instalment is Rs.50

2. amount of maturity:

                                     =10000+1200=11200

it's just the extra amount obtained other than his deposit that is Rs.11200