What annual payment will discharge a 6450due in 4 years at simple interest of 5 per annum?

Correct Answer:

Description for Correct answer:

Let the annual instalment be Rs.x\( \Large \therefore \left(x + \frac{x \times 3 \times 5}{100}\right) + \left(x + \frac{x \times 2 \times 5}{100}\right) + \left(x + \frac{x \times 1 \times 5}{100} + x = 6450\right) \) \( \Large => \frac{115x}{100} + \frac{110x}{100} + \frac{105x}{100} + x = 6450 \) \( \Large => 115x + 110x + 105x + 100x \) \( \Large = 6450 \times 100 \) \( \Large => 430 x = 6450 \times 100 \)

\( \Large \therefore x = \frac{6450 \times 100}{430} = Rs. 1500 \)

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Calculation:

Installment for first year = x

Installment for second year = 1.10x

Installment for third year = 1.20x

Installment for third year = 1.30x

Installment for final year = 1.40x

Total amount to be paid = (1 + 1.10 + 1.20 + 1.30 + 1.40) × x = 6450

∴ x = 6450 / 6 = 1075

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