What would be the instalment monthly on a loan of 30000 rupee for 3 months, if 12 % yearly compound

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15 Apr 2021 compound interest

What would be the instalment monthly on a loan of 30000 rupee for 3 months, if 12 % yearly compound interest is added monthly

OPtion

10303
2) 10301
3) 10302
4) 10203
5) 10201
6) 10202
7) 10103
8) 10101
9) 10102
10) None of the above

Solution

Let the instalment is A
then according to the given condition,
[(100/101)] A + [(100/101)^2]A + [(100/101)^3]A = 30000
on solving we get A = 10201

Correct Option: 5 Best Solution (0)