Question

Mr Vig has a Recurring Deposit Account in a bank for 5 years at 9% p.a. simple interest. If he gets 53082 at the time of maturity, find the monthly ínstalment.​

Answer 1

Answer:

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Mr Vig has a Recurring Deposit Account in a bank for 5 years at 9% p.a. simple interest. If he gets 53082 at the time of maturity, find the monthly ínstalment.

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1. Let the deposit per month = p

Number of months (n) = 36

Rate of interest (r) = 7.5%

$\bold{⇒ \:S.I \: = p \times \frac{n(n + 1)}{2 \times 3} \times \frac{r}{100} } \\ \\ \bold{⇒ \: 8325 = p \times \frac{36 \times 37}{2 \times 12} \times \frac{7.5}{100} } \\ \\ \bold{⇒ \: 8325 = p \times \frac{3 \times 37}{2} \times \frac{7.5}{100} } \\ \\ \bold{⇒ \: p = \frac{8325 \times 2 \times 100}{3 \times 37 \times 7.5} = 2000}$

2. Maturity value = P × n + S.I

⇒ 2000 × 36 + 8325

⇒ 80325 (Ans)