Question

Ravi has a recurring deposit account in a bank for 5 years at 9% per annum. If he gets ₹51607.50 at the time of maturity, find the monthly instalment.

Answer 1

Answer:Rs. 700

Step-by-step explanation:

Let the monthly installment be p

Interest=(p*60*61*9)/(2*12*100)

=2745p/200

MV=p*n+I

MV=60p+2745p/200

=2949p/40

ATP:

51607.50=2949p/40

P=51607.50*40/2949

P=700