Math, asked by swastikaghanti116, 4 months ago

Mr. Amit Singh has a recurring deposit account in Punjab National Bank for 4 years at

7.5% p.a. simple interest. If he gets Rs 44280 at the time of maturity, find the monthly

installment. Also find the interest earned.

Answers

Answered by Swarup1998

Time of investment = 4 years

Rate of simple interest = 7.5% p.a.

Total amount = Rs. 44280

Monthly installment and total interest earned

Let the sum be P and total interest be I.

Here, amount = sum + interest

Then, 44280 = P + I

or, I = 44280 - P

Now we use the formula I = Ptr/100, where t = time of investment and r = rate of simple interest.

So, 44280 - P = P × 4 × 7.5 / 100

or, 44280 - P = 3P/10

or, P + 3P/10 = 44280

or, 13P/10 = 44280

or, P = 44280 × 10/13

or, P = 34061.54 (approximately)

Thus sum = Rs. 34061.54

Hence monthly installment is

= Rs. 34061.54/(4 × 12)

= Rs. 709.62

Then interest earned (I) = Rs. (44280 - 34061.54)

= Rs. 10218.46

Answered by arundhatimishra4640

Step-by-step explanation:

see the attached image above....

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