A sum of money is borrowed and paid back

Asked by admin @ 16/08/2021 in Business Studies viewed by 294 People

A sum of money is borrowed and paid back in two equal annual installments of 882, allowing 5% compound interest. the sum borrowed was

Answered by admin @ 16/08/2021

"The general formulae for installments in case of compound interest is P =x/(1+r/100) + x/(1+r/100)^2 ....x/(1+000)

And here we have to find P

Given x = 882 r = 5 and n=2

On substituting the values

We get P =882/ (1+5/100) + 882/ (1+5/100) ^2 p = 882*20/21 + 882*400/441

P= 840 + 800 = 1640

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