Question

find the principal that will amount to rupees 2360 in 3 years at 12% per annum

Answer 1

Answer:

Step-by-step explanation:

Installments paid at the end of 1st, 2nd, 3rd and 4th years earn a simple interest at 12% p.a. for 3, 2, 1 and 0 years respectively.

Hence the respective installments amount to, (100 + 3 x 12), (100 + 2 x 12), (100 + 1 x 12) and 100, when annual installment is Rs 100.

Hence amount paid is Rs. 136 + Rs 124 + Rs 112 + Rs 100 i.e., Rs 472, when the annual installment is Rs.100

For an amount of Rs 2,360, annual installment = $\displaystyle\frac{{2,360 \times 100}}{{472}} = Rs{\rm{ }}500$

Answer 2

Step-by-step explanation:

A= P+I

therefore, I=A-P

let Principal be x

I= (P*R*T)/100

(2360-x)=(x*12*3)/100

236000-100x=36x

236000=136x

x=236000/136

x=1735.29 Answer