Question

Mahima has a recurring deposit account in a bank for 3 years at 8%p.a.if she gets ₹3996 as a interest at the time of maturity of the scheme .find the monthly instalment

Answer 1

Answer:

the monthly installment is 1387 point 5.

Step-by-step explanation:

• firstfirst there is given that the deposit has been done for 3 years at an interest rate of 8% per month.
• at second part we get to know that the total interest she got at the end of 3rd year was 3996 rupees.

here we have to consider the monthly installment to be x.

by doing that , she is getting 8% of the monthly installment as her interest so therefore we will have to calculate 8% of x which we can write it as following.

8/100*x=10 rupees she gets on the principal amount not solving the equation we will keep it as it is and we will divide it by the total amount of interest given in the question which is 3996 rupees .

we are calculating the principal amount so we have we have here three years of the deposit therefore we should write a given equations such like that.

rest of the calculation is done in the image attached to it