Loan Installment Calculation
This problem requires calculating the total number of loan installments based on the information provided about installments paid and the percentage of the loan refunded.
Calculating Total Installments
Let the total number of installments be $N$. The loan agreement specifies equal installments without interest. After paying 18 installments, 60% of the loan was refunded.
We can set up an equation:
- 18 installments represent 60% of the total installments ($N$).
- Mathematically, this can be written as: $18 = 60\% \times N$
- Convert the percentage to a decimal: $18 = 0.60 \times N$
- Solve for $N$: $N = \frac{18}{0.60}$
- Calculate the value: $N = \frac{18}{6/10} = \frac{18 \times 10}{6} = 3 \times 10 = 30$
Therefore, the total number of installments agreed upon was 30.
Important Questions from Installments
A sum of Rs. 4,620 is to be paid back in 2 equal annual instalments. How much is each instalment (in Rs.) if the interest is compounded annually at 10% per annum?
Surekha borrowed a sum of money and returned it in two equal annual installments of Rs. 5,547 each. If the rate of interest was \(7 \frac{1}{2}\%\) p.pa compounded yearly, then the total interest paid by her was:
A loan is to be returned in two equal yearly instalments. If the rate of interest is 10% p.a., compounded annually, and each instalment is Rs. 5,808, then the total interest charged in this scheme is:
What annual instalment will discharge a debit of ₹5,664 in 4 years at 12% simple interest?
A sum of Rs. P was borrowed and paid back in two equal yearly instalments, each of Rs. 35,280. If the rate of interest was 5% compounded annually, then the value of P is:
