Question
Download Solution PDFAn annual instalment of ₹3,500 will discharge a debt of ₹16,310 due in 4 years at y% simple interest per annum. What is the value of y? [Note: Instalments will be paid at the end of Year 1, Year 2, Year 3 and Year 4.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Annual installment = ₹3,500
Debt = ₹16,310
Time = 4 years
Simple interest rate = y% per annum
Formula used:
Total amount paid = Sum of installments including interest
Interest for year 1 = ₹3,500 × y% × 3 years
Interest for year 2 = ₹3,500 × y% × 2 years
Interest for year 3 = ₹3,500 × y% × 1 year
Interest for year 4 = ₹3,500 × y% × 0 years
Total interest + Principal = ₹16,310
Calculation:
⇒ 3,500 + 3,500 × y% × 3 + 3,500 × y% × 2 + 3,500 × y% × 1 + 3,500 = 16,310
⇒ 14,000 + 3,500y × (3 + 2 + 1) = 16,310
⇒ 14,000 + 21,000y = 16,310
⇒ 21,000y = 2,310
⇒ y = 2,310 ÷ 21,000 = 0.11
⇒ y = 11%
∴ The correct answer is option (4), y = 11%.
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