Question

Arman gave rs.2300 to one of his neighbour, and told him to pay back in four equal annual installments at 10% per annum simple interest. What will be the annual installment

Answer 1

Step-by-step explanation:

principal = rs.2300

rate of interest =10%

time = 4years

simple interest = p × r× t/100

=2300×10×4/100

=23×10×4

= rs920

annual intallment =920/4

=230