Test Index

ICSE Class X Math 2016 Paper

Show Para  Hide Para 
Mohan has a recurring deposit account in a bank for 2 years at 6%6\% p.a. simple interest. If he gets ₹ 1200\text{₹ 1200} as interest at the time of maturity, find :
© examsnet.com
Question : 45 of 57
Marks: +1, -0
the monthly instalment
Solution:  
Here, n=n= the number of months for which the money is deposited = 2×12=242 \times 12=24.
r=6%,I=₹1,200r=6\%, I=\text{₹}1,200
Let the monthly instalment be ₹x\text{₹} x, then P=FxP= F_x
Using the formula S.I.
  =P×  n(n+1)2×12×  r100\;= P \times \; \frac{n(n+1)}{2 \times 12} \times \; \frac{r}{100}
1,200  =  x×24×252×12×  61001,200\;=\;\frac{x \times 24 \times 25}{2 \times 12} \times \; \frac{6}{100}
  32x  =1,200\;\frac{3}{2} x\;=1,200
  ⇒    x=₹800\;\Rightarrow \;\; x=\text{₹} 800
Hence monthly instalment =₹800=\text{₹} 800
© examsnet.com
Go to Question:
Prev Question
Next Question