A sum has lent to X for three years by an organization who fixed a yearly rate of 10% compound interest for
repayment along with the condition of recovery in equal annual installments of Rs. 31944. What percentage
(correct to two decimal places) above the borrowed amount had X to pay to the organization?
33700
Answers
Given :- A sum was lent to X for three years by an organisation who fixed a yearly rate of 10% compound Interest for repayment along with the condition of recovery in equal installments of Rs.31944 per year. What percentage (correct to two decimal places) above the borrowed amount had X to pay the organization ?
Solution :-
given that,
- Rate of interest = 10% compounded annually.
- Equal installment each year = Rs.31944 .
- Time = 3 years.
So,
→ Rate = 10% = (1/10)
Than,
- 1st year = 10 -------- 11
- second year = 100 --------- 121
- Third year = 1000 ---------- 1331 (Let installment per year.)
Making all installment same now,
- 1st year = 1210 -------- 1331
- second year = 1100 --------- 1331
- Third year = 1000 ---------- 1331
So,
→ Total Principal = 1210 + 1100 + 1000 = Rs.3310 .
Therefore, we can conclude that,
→ when installment is Rs.1331 per year , principal is = Rs.3310 .
than,
→ when installment is Rs.1331 per year , principal is = Rs.(3310/1331) .
so,
→ when installment is Rs.31944 per year , principal is = Rs.(3310 * 31944)/1331 = Rs.79,440 .
So,
→ Principal = Rs.79,440
→ Total amount paid in three installments = 31944 * 3 = Rs.95982
Now,
→ Extra amount paid = 95982 - 79440 = Rs.16542.
Hence,
→ % Extra amount paid = (16542 * 100) / 79440 = 20.82% .
∴ 20.82% (correct to two decimal places) above the borrowed amount had X to pay the organization.
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