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Question
Zafarullah has a recurring deposit The list price of the television be? 12,500. account in a bank for 3½ years at 9.5% S.I. p.a. If he gets Rs. 78,638 at the time of maturity. Find the monthly instalment.
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Solution
Let the monthly instalement be of ₹ x
then,
Maturity value
= `₹(x xx 42) + ₹(x xx(42 xx 43)/(2 xx 12) xx (19)/(200))`
⇒ 78,638 = 42x + `(5,719x)/(800)`
⇒ `(39,319)/(800) x` = 78,638
⇒ x = 1600
Hence, the monthly instalment was of ₹ 1600.
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