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Q: A sum of Rs 8000 is borrowed at 5% compound interest and paid bank in 3 equal installments. What is the value of each installment?
A. Rs 2937.67 B. Rs 2937.50
C. Rs 2637.67 D. Rs 2037.67

Answer and Explanation

Answer:Rs 2937.67

Explanation:
Let the value of each installment be Rs x
Amount to be returned after 3 years
= 8000(1 + 5/100)3 = 9261
∴x (21/20)2 + x(21/20) + x =9261
i.e. 1261x = 9261 * 400, so x= Rs 2937.67

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