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A sum of Rs 1230 is borrowed at 5% CI interest for 2 years on the condition that it is refunded in 2 equal installments one at the end of the first year and the other at the end of second. Find the amount of each installment

A.	651	B.	661.50
C.	600	D.	200

Answer and Explanation

Answer:661.50

Explanation:
Let the installments be Rs x each
Amount to be refunded = 1230 (1 + 5/100)2 = 1356.075
x(1 + 5/100) + x = 1356.075
x = 661.50

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