Mr. Motasha opens a recurring deposit account of Rs. 600 per month at 12% p.a. If he paid Rs. 7668 as maturity amount, how many installments does he need to pay?
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Natasha paid 12 installments
Step-by-step explanation:
Motasha pays 600 a month.
She earns an interest of Rs 6 on the amount deposited every month .
Interest 1st month will be Rs,6 . Second month 12 then next month 18 and so on 24,30,36 ,42,48,54,60,66,72.
The total interest will be 12*mid point of 36 and 42 i e 39 we get the answer as 468.
If total installments are 12 then capital will be 7668 -468=7200. So she paid 12 installments.
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