Harish borrowed a sum of money and returned it in three equal quarterly installment of Rs17576 each ...........

Quantitative Aptitude ( CCS) Compound Interest

Harish borrowed a sum of money and returned it in three equal quarterly installment of Rs17576 each. Find the sum borrowed if the rate of interest charged was 16% per annum compounded quarterly . find also the total interest charged?

36425, 3215

48775, 3953

45620, 3542

38565, 2965

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Explanation:

Rate of Interest = 16% per annum
Actual rate of Interest = 4% per Quarter
Principal of all three installments
=17576 [(1+4/100) +(1+4/100)² +(1+4/100)³]
= [ 17576 (25/26) + (25/26)² + (25/26)³]
=[17576*25*1951/26*676] = 48775
Total amount paid = Rs.17576 *3 = 52728
Interest charged = 52728 – 48775 = 3953.