ICSE Class X Math 2016 Solved Paper

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Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets ₹1200 as interest at the time of maturity, find :
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Question : 45 of 57
 
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the monthly instalment
Solution:
Here, n= the number of months for which the money is deposited = 2×12=24.
r=6%,I=₹1,200
Let the monthly instalment be ₹x, then P=Fx
Using the formula S.I.
=P×n(n+1)2×12×r100
1,200=x×24×252×12×6100
32x=1,200
⇒x=₹800
Hence monthly instalment =₹800
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