Q. A sum of Rs. 4000 is borrowed at 8% p.a. Compound interest and paid back in 3 equal annual instalments. What is the amount of each instalment?

1874.89

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1862.56

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1686.65

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1698.06

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Solution

The correct option is B 1862.56
$4000 = \frac{x}{{1.08}^{3}} + \frac{x}{{1.08}^{2}} + \frac{x}{1.08} 4000 = x (\frac{1}{{1.08}^{3}} + \frac{1}{{1.08}^{2}} + \frac{1}{1.08}) x = \frac{4000}{2.5771} x = 1862.56$

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Q. A sum of Rs. 4000 is borrowed at 8% p.a. Compound interest and paid back in 3 equal annual instalments. What is the amount of each instalment?

The correct option is B 1862.564000=x1.083+x1.082+x1.084000=x(11.083+11.082+11.08)x=40002.5771x=1862.56

The correct option is B 1862.56
$4000 = \frac{x}{{1.08}^{3}} + \frac{x}{{1.08}^{2}} + \frac{x}{1.08} 4000 = x (\frac{1}{{1.08}^{3}} + \frac{1}{{1.08}^{2}} + \frac{1}{1.08}) x = \frac{4000}{2.5771} x = 1862.56$