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Question
Ms. Saha opened a cumulative deposit account of monthly instalment of Rs 1,200 at 9%p.a simple interest. She earned a total interest of Rs 5,328. How much installments did she pay?
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Solution
Given that, cumulative deposit per month =Rs 1200, Period= t Months, R=9 %, Interest amount= Rs. 5328
Money deposited= Monthly value x No ofMonths=1200 x t= Rs 1200t
Total Principal for 1 Month = `(1200 xx ("t")("t" + 1))/2`
= 600t2 + 600 t
Interest = `("Principal for One month" xx "R")/(12 xx 100)`
..... (1)
Putting Values in (1), we get
5328 = `((600"t"^2 + 600"t") xx 9)/1200`
⇒ 5328= (4.5t2 + 4.5t)
⇒ 4.5t2 + 4.5t - 5328 = 0
⇒ t = 34 months (approximately)
Thus, she paid 34 installments.
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