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What annual instalment will discharge a debt of Rs 1092 due in 3 years at 12% simple interest?

Correct Answer: Rs.325

Explanation:

Let each instalment be Rs.x .


 


1st year =  [x + (x * 12 * 2)/100] 


2nd year = [ x + (x *12 * 1)/100] 


3rd year = x 


Then, [x + (x * 12 * 2)/100] + [ x + (x *12 * 1)/100] + x =1092 


3x + ( 24x/100 ) + ( 12x/100 )  = 1092 


336x =109200


Therefore, x = 325 


Each instalment = Rs. 325


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