Question

    A man borrowed Rs. 5,300 at an annual compound interest

    rate of 12%, compounded yearly. He repaid the loan in two equal yearly installments. What was the amount of each installment?
    A Rs. 3136 Correct Answer Incorrect Answer
    B Rs. 2650 Correct Answer Incorrect Answer
    C Rs. 3324.16 Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer

    Solution


    Let the value of each installment be Rs. 'x'.

    Image
    So, each installment was of Rs. 3,136

    Practice Next

    Relevant for Exams: