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Question
A certain money is deposited every month for 8 months in a recurring deposit account at 12% p.a. simple interest. If the interest at the time of maturity is ₹ 36, the monthly instalment is ______.
Options
₹ 200
₹ 1,000
₹ 100
₹ 500
Solution
A certain money is deposited every month for 8 months in a recurring deposit account at 12% p.a. simple interest. If the interest at the time of maturity is ₹ 36, the monthly instalment is ₹ 100.
Explanation:
P = ₹ x,
n = 8 months,
R = 12%,
I = 36
We know that
`I = P xx (n(n + 1))/(2 xx 12) xx R/100`
`\implies 36 = x xx (8 xx 9)/(2 xx 12) xx 12/100`
`\implies x = 36 xx (2 xx 12)/(8 xx 9) xx 100/12`
= ₹ 100
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