What annual payment will discharge a debt of ₹ 1696 in yr at 4% per annum?

₹ 525
₹ 425
₹ 325
₹ 400

Correct Answer: ₹ 400

Explanation:

Given, debt (p) = ₹ 1696, R = 4% T = 4 yr
According to the formula,
Annual payment = 100P / [100 x T + {RT (T - 1)/2}]
= (1696 x 100) / [4 x 100 + {(4 x 3 x 4)/2}]
= (1696 x 100) / 424
= ₹ 400

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