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ICSE / ISC eBooks

Example – 3. Jaya wants to receive Rs.41490 at the end of 5 years by depositing a certain sum of money on a monthly basis in a bank paying 6% simple interest p.a. what is the monthly instalment?

Solution : Let the monthly instalment be P

Here, t = 5 years = 60 months r = 6%

Total deposited money in the bank = 60 P

The amount due = 60 P + 9.15 P = 69.15 P

69.15 P = 41490

P = (41490) / (69.15)

= 600