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Q.

What annual installment will discharge a debt of Rs.2710 due in 4 years at 7% simple interest?

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a

Rs.1000

b

Rs.613

c

Rs.225

d

Rs.150

answer is B.

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Detailed Solution

Concept-
When you pay for anything in installments, you do it by making modest payments at regular intervals over a period of time rather than all at once.
Let the annual installment be Rs. x. Currently, x earns an annual interest rate of 7%. Find the value of x deposited over the course of four years in this manner to answer the question.
Let's say the annual installment is x. Since x earns an interest of 7.1 per year,
x deposits in the first year will increase by 1.21 in the following three years,
1.11 in the following two years,
and 1.07 in the following four years.

https://lh6.googleusercontent.com/uHALmPKxmaRriVR0j7OZOqls3_hnmrOKrA-jgILqSfIA1eQsy0psYdEaiD_FjBSr_gso9gG88Epi3jKC9eFQQdmg7bwPlvjCm6rzmHHmF8TSo3b80OpLUB608yDrk7IiAW_90Sl_dvpWJtw9iYc3Cw

Hence, the correct answer is option 2) Rs. 613

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What annual installment will discharge a debt of Rs.2710 due in 4 years at 7% simple interest?