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A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.
- ARs. 260
- BRs. 240
- CRs. 280
- DRs. 300
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0
CCommunity
From given data,
Principal P = Rs. 3000
Rate R = 12%
Time T = 1/12 year
Amount divided into 12 months = Rs.3000/12 = Rs. 250
Simple interest for one month = P × T × R/100 = 3000 × 1/12 × 12 /100 = Rs. 30
∴ Amount for each installment = 250 + 30 = Rs. 280
Principal P = Rs. 3000
Rate R = 12%
Time T = 1/12 year
Amount divided into 12 months = Rs.3000/12 = Rs. 250
Simple interest for one month = P × T × R/100 = 3000 × 1/12 × 12 /100 = Rs. 30
∴ Amount for each installment = 250 + 30 = Rs. 280
0
CCommunity
3000+3000x12/100 3000+ 360 3360 Amount paid in 12 equal months. 3360/12= RS.