Question

Mrs karna has a recurring deposit account in punjab national bank for 3 years at 8% p.a. If she gets 9990 rs as interest at the time of maturity find

1)the monthly installment
2)maturity value​

Answer 1

Step-by-step explanation:Here,

n = 3 years = 3 x 12 months = 36 months

r = 8% p.a.

I = 9990/-

Let monthly installment be p.

ATP,

p x n(n+1)/2 x 1/12 x r/100 = 9990

p x 36x37/2 x 1/12 x 8/100 = 9990

111 p / 25 = 9990

p = 9990 x 25 / 111 = 90 x25 = 2250

Monthly installment = Rs. 2250

Maturity value = Pn + I = 2250x36+9990 = Rs. 90990