Question

In 5 years, the interest on 55,000 is more than the interest on 40,000 by rupees 15,000. Find the rate of interest.
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Answer 1

Answer:

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Given : P=5500,R=20%,n=2 To find A

A=P(1+

100

R

)

n

=5500(1+

100

20

)

2

=5500(1+

5

1

)

2

=5500(

5

6

)

2

=

25

5500×36

∴A=7920

This amount is to be paid in two equal instalments

So, each instalment =

2

7920

=3960.

Hence, each instalment is Rs. 3,960.