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
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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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