Question

Diksha has a recurring deposit account in a bank for 3 years at the rate of 8% p.a. simple interest . She gets RS.65592 at the time of maturity , find the monthly installments.​

Answer 1

Given:

Diksha has a recurring deposit account in a bank for 3 years at the rate of 8% p.a. simple interest

She gets RS.65592 at the time of maturity

To find:

The monthly instalments

​

Solution:

Let the amount of the monthly instalment be "P".

No. of months = 3 × 12 = 36 months

The rate of interest = 8% p.a.

The amount received by Diksha at the time of maturity = Rs. 65592

We have the formula as:

$\boxed{\bold{Maturity\:Value = [Pn]+[P \times \frac{n(n+1)}{2\times 12}\times \frac{r}{100} ] }}$

where

P = amount of monthly instalments

n = no. of months

r = rate of interest

Now, by substituting the values of M.V., n, r in the formula above, we will find the value of P:

 $65592 = [P\times 36]+[P \times \frac{36(36+1)}{2\times 12}\times \frac{8}{100} ] }}$

 $\implies 65592 = [P\times 36]+[P \times \frac{36\times 37}{24}\times \frac{8}{100} ] }}$

 $\implies 65592 = [P\times 36]+[P \times \frac{1332}{24}\times \frac{8}{100} ] }}$

 $\implies 65592 = [P\times 36]+[P \times 4.44 ] }}$

$\implies 65592 = [P\times40.44] }}$

 $\implies P = \frac{65592}{40.44}$

$\implies\bold{ P = 1621.95}$

 

Thus, the monthly instalments are Rs. 1621.95.

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