A sum of Rs 6 000 was taken as a loan This is to be repaid in two equal annual installments If the r...........

Quantitative Aptitude ( CCS) Compound Interest

A sum of Rs 6,000 was taken as a loan. This is to be repaid in two equal annual installments. If the rate of interest is 20% compounded annually then find the value of each installment.

Rs 4400

Rs 2220

Rs 4320

Rs 4420

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Explanation:

Formula= x/(1+R/100)^T
x/ (1+20/100)^1 + x/(1+20/100)^2 = 6600
solve and get x=4320

Hence, option 3 is the correct answer.

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