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S.I = Rs 1,050
Therefore,
The amount that Manish will be getting at the time of maturity is
= Rs (600 x 20) + 1,050
= Rs 12,000 + 1,050
= Rs 13,050
S.I = Rs 9,504
Therefore,
The amount that Mrs. Mathew will be getting at the time of maturity is
= Rs (640 x 54)+ Rs 9,504
= Rs 34,560 + Rs 9,504
= Rs 44,064
S.I = Rs 6,660
Hence,
The amount that A will be getting at the time of maturity is
= Rs (1,200×36) + Rs 6,660
= Rs 43,200 + Rs 6,660
= Rs 49,860
Calculating for B:
Installment per month (P) = Rs1,500
Number of months (n) = 30
Rate of interest(r) = 10% p.a.
So,
S.I = Rs 5,812.50
Hence,
The amount that B will be getting at the time of maturity is
= Rs (1,500 x 30) + Rs 5,812.50
= Rs 45,000 + Rs 5,812.50
= Rs 50,812.50
Now,
Difference between both the amounts is = Rs 50,812.50 – Rs 49,860
= Rs 952.50
Therefore, B will get more amount than A by Rs 952.50
S.I = Rs 0.715y
Hence,
The amount at maturity will be = Rs (y x 12) + Rs 0.715y = Rs 12.715y
Given that the maturity value = Rs 12,715
So, on equating we have
Rs 12.715y = Rs 12,715
y = 12,715/ 12.715 = Rs 1,000
Therefore, the sum of money paid by Ashish every month is Rs 1,000
S.I = Rs 9.03y
Hence,
The amount at maturity will be = Rs (y x 42) + Rs 9.03y = Rs 51.03y
But given maturity value = Rs10,206
So, on equating we have
Rs 51.03y = Rs 10206
y = 10206/ 51.03 = Rs 200
Therefore, the value of monthly installment is Rs 200
S.I = Rs 4,704
Hence,
The amount that Pramod will be getting at the time of maturity is
= Rs (600 x 48) + Rs 4,704
= Rs 28,800 + Rs 4,704
= Rs 33,504
S.I = 11.4r
Hence, the amount at the time of maturity will be = Rs (80 x 18) + Rs (11.4r)
And given maturity value = Rs 1,554
So, on equating
Rs (80 x 18) + Rs (11.4r) = Rs 1,554
11.4r = Rs 1,554 – Rs 1,440
r = 114/ 11.4 = 10 %
Therefore, the rate of interest paid by the bank is 10 %
So, at the time of maturity the value will be = Rs (400 x n)+ Rs 4n(n + 1)/3
And, given maturity value = Rs 16,176
So, on equating
Rs (400x n) + 4n(n + 1)/3 = Rs 16,176
1200n +4n
2
+ 4n = Rs 48,528
4n
2
+ 1204n = Rs 48,528
n
2
+ 301n – 12132 = 0
(n + 337)(n – 36) = 0
n = -337 (not considered as time cannot be negative) or n = 36
Therefore, the number of months (time) = 36 months = 3years
Therefore, the monthly installment is Rs 2,000
(ii)
Therefore, the amount of maturity is Rs 80,325
