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What will be his installment ?

+1 vote
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A man borrows a loan of Rs 20,000 from a merchant at the rate of interest 1% per month for two month. If merchant wants to receive the money with interest in two equal installment.

What will be his installment ?

posted Feb 12, 2015 by Anuradha Tabyal

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2 Answers

+2 votes
 
Best answer

Let A be the installment,

20000(1+1/100)^2=A(1+1/100)+A

or
A = 10150.25

answer Feb 13, 2015 by Salil Agrawal
+4 votes

Answer is 10150.25

answer Feb 12, 2015 by Jaspalsingh Parmar



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