Question

Mr. Jitendra gets 7827 at the end of 18 months at the rate of 11% per annum in a recurring deposit account. Then, the monthly installment is ?

Answer 1

Step-by-step explanation:

Given Mr. Jitendra gets 7827 at the end of 18 months at the rate of 11% per annum in a recurring deposit account. Then, the monthly installment is ?

• Given Recurring Deposit can be calculated as S.I = P x n (n + 1) / 2 x R / 1200
• w here n = 18 months, R = 11%
• so we get S.I = P x 18 x 19 / 2 x 11 / 1200
•                    = 33 x 19 P / 400
•                   = 627 P / 400
• Now Maturity Amount = (P x n) + I
•                                       = 18 P + 627 P / 400
•                            7827 = 7200 P + 627 P / 400
•                            7827 = 7827 P / 400
•                            Or P = Rs 400

So the monthly installment is Rs 400

Reference link will be

https://brainly.in/question/19003700