Discussion Forum

What annual installment will discharge a debt of Rs. 1092 due in 3 years at 12% simple interest ?

Answer:

Explanation:

Let installment be $x$

Then $\left\{x+\frac{(x\times 12\times 1)}{100}\right\}$ $+\left\{x+\frac{(x\times 12\times 2)}{100}\right\}$ $+x$ $=1092$

$x$ = Rs.325