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Calculating Interest on Savings Account

What annual i...

Question

What annual installment will discharge a debt of Rs 3087 due in 2 years at 10% simple interest?

A

970

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B

1070

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C

1170

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D

1370

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E

1470

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Solution

The correct option is E
1470

$x + [x + (x \times 1 \times \frac{1}{100})] = 3087$

$2 x + 0.1 x = 3087$

$x = 1470$

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