Question

Mohan has a recurring deposit account in a bank for 2 years at 6% p.a simple interest.if he gets rs1200 as interest at the time of maturity,find:(i) the monthly installment(ii) the amount of maturity.

Answer 1

Answer:

a bank for 2 years at 6% p.a simple interest.if he gets rs1200 as interest at the time of maturity,find:(i) the monthly installment(ii) the amount of maturity.

Step-by-step explanation:

Ok finea bank for 2 years at 6% p.a simple interest.if he gets rs1200 as interest at the time of maturity.

Answer 2

Given :

• Interest = Rs 12000
• rate = 6%
• time = 2 year = 24 months

To find :

• (i) the monthly installment
• (ii) the amount of maturity.

Solution :

i) monthly installment = [p x n (n + 1)]/2 x 1/12 x R/100

1200 = (p x 24 x 25)/2 x 1/12 x 6/100

monthly installment p = Rs 800

ii) Maturity value = P x n + interest

= Rs(800 x 24 + 1200)

= Rs 20400

--> The monthly installment is Rs 800 The amount of maturity is Rs 20400