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Installments on Simple Interest and Compound Interest Case

Miscellaneous situations of Installments on Simple Interest and Compound Interest

: To determine the installment when interest is charged on SI

A cell phone is designed for ?2500 or ?520 down re re payment followed closely by 4 month-to-month equal installments. In the event that interest rate is 24%p.a. SI, determine the installment.

Installments on Simple Interest and Compound Interest Sol: that is online installment loans one fundamental question. You need to simply utilize the formula that is above determine the quantity of installment.

Consequently, x = P (1 + nr/100)/ (n + n(n-1)/2 * r/100))

Right Here P = 2500 – 520 = 1980

Thus, x = 1980(1 + 15 * 12/ 1200)/ (4 + 4* 3* 12/ 2 * 12 * 100)

= ?520

Installments on Simple Interest and Compound Interest Case 2: To determine the installment whenever interest is charged on CI

Just just What annual repayment will discharge a financial obligation of ?7620 due in 36 months at 16 2/3% p.a. Compounded interest?

Installments on Simple Interest and Compound Interest Sol: once again, we’re going to make use of the following formula,

P (1 + r/100) n = X (1 + r/100) n-1 + X (1 + r/100) n-2 + X (1 + r/100) n-3 +…. + X (1 + r/100)

7620(1+ 50/300) 3 = x (1 + 50/300) 2 + x (1 + 50/300) + x

12100.2778 = x (1.36111 + 1.1667 + 1)

X = ?3430

Installments on Simple Interest and Compound Interest Case 3: To determine loan quantity whenever interest charged is Compound Interest

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