Question:
A loan of Rs. 6000 is to be paid back in three equal installments. Find the value of each installment to the nearest whole rupee, if the interest is compounded annually at 12.5%.
A loan of Rs. 6000 is to be paid back in three equal installments. Find the value of each installment to the nearest whole rupee, if the interest is compounded annually at 12.5%.
Updated On: Jul 22, 2024
- Rs.2240
- Rs.2519
- Rs.2521
- Rs. 2915
- None of these
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The Correct Option is D
Solution and Explanation
The correct option is (D): Rs. 2915.
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