What Annual Payment will be Discharge?

What annual payment will discharge IN simple interest, a debt of Rs 580 due in 5 years at 8% p.a.?

  1. Rs 166.40
  2. Rs 65.60
  3. Rs 100
  4. Rs 120
Monis Rasool Professor Asked on 13th September 2015 in Maths.
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1 Answer(s)

Answer: (3) Rs. 100

Explanation:-

Let the annual payment be Rs. X
According to the question,
(Amount of X for 4 years) + (Amount of X for 3 years) + (Amount of X for 2 years) + (Amount of 2 years) + (Amount of X for 1 year)  + X = 580
[X + (X x 4 x 8)/100] + [X + (X x 3 x 8)/100] + [X + X x 2 x 8/100] + [X + X x 1 x 8/100]  + X = 580
[5 X + (32 X + 24 X + 16 X + 8 X)/100] = 580
5 X + 80 X/100 = 580
5 X + 4X /5 = 580
(5 x 5 X + 4 X)/5 = 580
29 X = 580 x 5
X = 580 x 5/29
X = 20 x 5
X = Rs. 100

Hence, the answer is (3) Rs. 100.

 

Anurag Mishra Professor Answered on 13th September 2015.
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