What annual installment will discharge a debt of Rs.10750 due in 4 years at the rate of 5% simple interest?OptionsRs.2000Rs.2500Rs.2400Rs.2800
Question
Solution 1
To solve this problem, we need to use the formula for simple interest which is I = PRT/100, where P is the principal amount, R is the rate of interest, and T is the time in years.
Given: P = Rs.10750 R = 5% T = 4 years
We need to find the annual installment (A) which will discharge the debt.
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