Rs. 12800 is payable after 3 years. If is to be paid in 3 installments each year. First installment is half of the second & one-third of the third installment. Find each installment if rate of interest is 10% per annum.
Answers
Answer:
1st Installment = 2657.85
2nd Installment = 5315.7
3rd installment = 7973.54
Step-by-step explanation:
Rs. 12800 is payable
rate of interest is 10% per annum.
Let say third installment = 3M
Then 1st Installment = M
& Second Installment = 2M
Interest in 1st Year = 12800 * 10/100 = 1280
Amount Left to be paid After 1st Installment = 12800 + 1280 - M = 14080 - M
Interest in 2nd Year = (14080 - M)*10/100 = 1408 - 0.1M
Amount left after 2nd Installment = 14080 - M + (1408 - 0.1M) - 2M
= 15488 - 3.1M
Interest in 3rd Year = (15488 - 3.1M)*10/100 = 1548.8 - 0.31M
Total To be paid in last installment = 15488 - 3.1M + 1548.8 - 0.31M = 3M
=> 17036.8 = 6.41M
=> M = 2657.85
1st Installment = 2657.85
2nd Installment = 5315.7
3rd installemnt = 7973.54
Answer:
Step-by-step explanation: