A man has a recurring deposit account in a bank for years. If the rate of interest is per annum and the man gets Rs10,206 on maturity, find the value of monthly installments.

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answer is B.

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Detailed Solution

Concept- Interest would be money that is paid on a regular basis at a specific percentage, generally when money is lent or borrowed.
Assume that the instalment per month

Number of months

Rate of interest

p.a.
Then,

Thus, the amount at maturity will be

Here, the given maturity value

Rs 10,206
When equating, we get
Rs51.03y

Rs 10206

Hence, the correct answer is option (2).

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