Mathematics · Simple Interest
A person borrowed ₹2,000 at 5% annual simple interest repayable in 3 equal annual installments (with each installment paid at the end of the year reducing the accrued debt). What will be the annual installment amount?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹2501063
- 2₹6401163
- 3₹840961
- 4₹7301063✓
Correct answer
₹7301063
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