Compound Interest Practice Test 4

Question : 40 of 40

Marks: +1, -0

Find the amount paid in each installment if asum of Rs 18,000 is paid back in two equal installments at 4% per annum.

Solution:

Each Installment

=P/{[100/{100+R}]+[100/{100+R}]^2}

=18000/{(100/{100+4})+(100/{100+4})^2}

=9544

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