5%Installment, x = Rs. 17500Total number of installments = 3Sum BORROWED (P) = [x/(1 + R/100)] + [x/(1 + R/100)2] + [x/(1 + R/100)3]⇒ P = [17500/(1 + 5/100)] + [17500/(1 + 5/100)2] + [17500/(1 + 5/100)3]⇒ P = 17500 × (20/21 + 400/441 + 8000/9261)⇒ P = 17500 × 2.72 = Rs. 47600Total value of THREE installments = 17500 × 3 = Rs. 52500∴ Interest charged = 52500 - 47600 = Rs. 4900

"> 5%Installment, x = Rs. 17500Total number of installments = 3Sum BORROWED (P) = [x/(1 + R/100)] + [x/(1 + R/100)2] + [x/(1 + R/100)3]⇒ P = [17500/(1 + 5/100)] + [17500/(1 + 5/100)2] + [17500/(1 + 5/100)3]⇒ P = 17500 × (20/21 + 400/441 + 8000/9261)⇒ P = 17500 × 2.72 = Rs. 47600Total value of THREE installments = 17500 × 3 = Rs. 52500∴ Interest charged = 52500 - 47600 = Rs. 4900

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Swayam took a loan from a bank and promised to pay the amount in three equal quarterly installments of Rs. 17500 each. The amount he had borrowed is at the rate of interest of 20% per annum compounded quarterly, find the total interest charged on the amount?

General Knowledge General Awareness in General Knowledge . 6 months ago

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Given that rate of interest is compounded quarterly, R = 20/4 = 5%Installment, x = Rs. 17500Total number of installments = 3Sum BORROWED (P) = [x/(1 + R/100)] + [x/(1 + R/100)2] + [x/(1 + R/100)3]⇒ P = [17500/(1 + 5/100)] + [17500/(1 + 5/100)2] + [17500/(1 + 5/100)3]⇒ P = 17500 × (20/21 + 400/441 + 8000/9261)⇒ P = 17500 × 2.72 = Rs. 47600Total value of THREE installments = 17500 × 3 = Rs. 52500∴ Interest charged = 52500 - 47600 = Rs. 4900

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Posted on 18 Nov 2024, this text provides information on General Knowledge related to General Awareness in General Knowledge. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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