Question

jalela and dalal have to clear  respective loans by paying 3 equal annual installments of Rs. 30000 each. Jalela pays @ 10% per annum of simple interest while Dalela pays 10% per annum compound interest.Aug 14, 2016​

Answer 1

Difference in Installment =  936.56

Step-by-step explanation:

Loan Amount = Rs 30000

Simple Interest for 3 Years  = 30000 * 10 * 3 /100

= 9000

Amount to be Paid = 39000

Annual installment = 39000/3 = 13000

Equated Annual Installment  in Compound interest

=   30000  *  (10/100)  ( 1  + 10/100)³ / (( 1  + 10/100)³ - 1)

=  12,063.44

Difference in Installment = 13000 - 12,063.44 = 936.56

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