Question

Mr Thomas borrowed 1000 and the paid 250 immediately the balance was paid in 3 equal installment at the end of first second and third year with 10% interest and paid balance find the amount of each installment and total interest paid​

Answer 1

Answer:

Given:

Mr Thomas borrowed 1000 and the paid 250 immediately the balance was paid in 3 equal installment at the end of first second and third year with 10% interest and paid balance.

Find:

Find the amount of each installment and total interest paid

Calculations:

Amount to be paid = [ 100 - 250 ] = 750

According to the question this amount to be paid for three equal installments.

Let ₹100 be the amount paid for three equal installments.

Equation (1)

100 + [ 3 - 1 ] × 10 = 100 + 20 = ₹120

Equation (2)

100 + [ 3 - 2 ] × 10 = 100 + 10 = ₹110

Equation (3)

100 + [ 3 - 3 ] × 10 = ₹100

Total amount to be paid = 120 + 110 + 100 = ₹330

Amount to be paid for three equal installments = ₹330

Amount = 750 [To be paid]

Installments = Amout of to paid/Total amout to be paid × 100

= 750/330 × 100

= 227.27

Amount of three installments = 227.27 × 3 = 681.81

Formula:

750 - 681.81 = 68.19

Therefore, ₹68.19 = Interest paid.

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Answer 2

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