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Question

What annual payment will discharge a debt of Rs.7620 due in 3years at 20/3% per annum interest?

Options:

A . 3400

B . 3410

C . 3430

D . 3450

Answer: Option C

Let each installment be Rs.x
(P.W. of Rs.x due 1yr hence)+(P.W of Rs.x due 2yr hence)+(P.W of Rs. X due 3yr hence)=7620.
x/(1+(50/3*100))+ x/(1+(50/3*100))^2 + x/(1+(50/3*100))^3=7620
(6x/7)+(936x/49)+(216x/343)=7620
294x+252x+216x=7620*343
x=(7620*343/762)=3430
Amount of each installment=Rs.3430

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