# What will be his installment ?

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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

Let A be the installment,

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

or
A = 10150.25

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