Question
Download Solution PDFThe amount of debt that will be discharged by 5 equal monthly instalments of ₹1,845 each, at the rate of 48% simple interest per annum, is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The amount of debt will be discharged by 5 equal monthly installments of ₹1,845 each, at the rate of 48% simple interest per annum.
Formula used:
Total debt = Sum of all installments (including interest)
Interest per installment = Principal × rate × time
Calculation:
Rate of interest = 48% per annum = 48 ÷ 12 = 4% per month
Total installments = 5
First installment interest for 4 months, second installment for 3 months, and so on till the last installment for 0 months.
Total interest = (1,845 × 4 × 4%) + (1,845 × 3 × 4%) + (1,845 × 2 × 4%) + (1,845 × 1 × 4%) + (1,845 × 0 × 4%)
⇒ Total interest = ₹295.2 + ₹221.4 + ₹147.6 + ₹73.8 + ₹0 = ₹738
Total amount of debt = 5 × ₹1,845 + ₹738
⇒ Total debt = ₹9,225 + ₹738 = ₹9,963
∴ The correct answer is option (4), ₹9,963.
Last updated on Jul 15, 2025
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