Question

Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr. Britto gets Rs. 8088 from the bank after 3 years, find the value of his monthly instalment.

Answer 1

Answer:

Step-by-step explanation:

Simple interest  =  PRT/100

Suppose he invested X amount for the 3 year;

According to the condition 8088 = X*8*3/100;

X = 33700; in 3 years;

Each year has 12 months so 3 years has  36 months;

So monthly installment = 33700/36 = 936.1

Answer 2

Answer:

Here,

n = the number of months for which the money is deposited

= 3 x 12 = 36 and

r = interest rate percent per annum = 8

Let the monthly instalment be Rs.X

then P = Rs. X

Using the formula: Total money deposited by

Mr. Britto = Rs.(x * 36) = Rs.36x

The amount of maturity = Total money deposited + interest