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Q: A loan of Rs 2000 is to be paid back in 3 equal annual installments. How much is each installment, to the nearest whole rupee, if the interest is compounded annually at 12 ½ p.a.?
A. Rs. 480 B. Rs. 320
C. Rs 840 D. Rs. 230

Answer and Explanation

Answer:Rs 840

Explanation:
Amount to be paid after three years 200(1 + 25/200)3 = Rs 2847.66
Let the annual installment be Rs x
x(1+25/200)2 + x(1 + 25/100) + x = 2847.66
x= Rs 840

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