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Question
A man gets ₹ 1,404 as interest at the end of one year. If the rate of interest is 12% per annum in R.D. account, the monthly instalment is ______.
Options
₹ 1,200
₹ 1,800
₹ 2,400
₹ 3,600
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Solution
A man gets ₹ 1,404 as interest at the end of one year. If the rate of interest is 12% per annum in R.D. account, the monthly instalment is ₹ 1,800.
Explanation:
Given as I = ₹ 1,404
n = 1 year = 12 month's,
R = 12%
Suppose P = ₹ x
`I = P xx (n(n + 1))/(2 xx 12) xx R/100`
= 1404
= ` x xx (12(12 + 1))/(2 xx 12) xx 12/100`
`\implies` 1404 = `x xx (12 xx 13)/(2 xx 12) xx 12/100`
`\implies` x = `1404 xx (2 xx 12)/(12 xx 13) xx 100/12`
x = ₹ 1800
∴ Monthly Instalment is ₹ 1800
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