Sumit borrowed Rs. 33,000 which has to be paid in three equal insta

1.	Sumit borrowed Rs. 33,000 which has to be paid in three equal installments at simple interest. Calculate the value of annual installment if the rate of interest is 10% per annum.1. Rs. 99002. Rs. 10,0003. Rs. 12,0004. Rs. 14,0005. None of these.
Answer» Correct Answer - Option 5 : None of these. Given: Principal = Rs. 33,000 Time = 3 years Rate = 10% per annum at SI Formula used: A = nx + {(n – 1) + (n – 2) +(n – 3) + …}Rx/100 where A = Total amount paid x = value of each instalment n = time for instalment R = Rate (%) Calculations: SI = (33000 × 10 × 3)/100 ⇒ Rs. 9900 A = Rs. (33,000 + 9900) ⇒ Rs. 42,900 42900 = 3x + {(3 – 1) + (3 – 2)}10x/100 ⇒ 42900 = 3x + {(2 + 1 )10x}/100 ⇒ 42900 = 3x + (30x/100) ⇒ 42900 = 330x/100 ⇒ 42900/330 = x/100 ⇒ 130 = x/100 ⇒ 13000 = x ∴ Annual instalment is Rs. 13,000

Sumit borrowed Rs. 33,000 which has to be paid in three equal installments at simple interest. Calculate the value of annual installment if the rate of interest is 10% per annum.1. Rs. 99002. Rs. 10,0003. Rs. 12,0004. Rs. 14,0005. None of these.

Answer» Correct Answer - Option 5 : None of these.

Given:

Principal = Rs. 33,000

Time = 3 years

Rate = 10% per annum at SI

Formula used:

A = nx + {(n – 1) + (n – 2) +(n – 3) + …}Rx/100

where A = Total amount paid

x = value of each instalment

n = time for instalment

R = Rate (%)

Calculations:

SI = (33000 × 10 × 3)/100

⇒ Rs. 9900

A = Rs. (33,000 + 9900)

⇒ Rs. 42,900

42900 = 3x + {(3 – 1) + (3 – 2)}10x/100

⇒ 42900 = 3x + {(2 + 1 )10x}/100

⇒ 42900 = 3x + (30x/100)

⇒ 42900 = 330x/100

⇒ 42900/330 = x/100

⇒ 130 = x/100

⇒ 13000 = x

∴ Annual instalment is Rs. 13,000

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