Resources

Resources

Bytelearn - cat image with glasses

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Mr. R.K. Nair gets ₹ 6455 at the end of one year at the rate of
14% per annum recurring deposit account. Find the monthly instalment.

Mr. R.K. Nair gets ₹ $6455$ at the end of one year at the rate of $14 \%$ per annum recurring deposit account. Find the monthly instalment.

View step-by-step help

View step-by-step help

Finance problems

Full solution

Q. Mr. R.K. Nair gets ₹

6455

at the end of one year at the rate of

14 \%

per annum recurring deposit account. Find the monthly instalment.

Identify Given Values: Step $1$ : Identify the given values and the formula to use. $\newline$ Mr. R.K. Nair receives ₹ $6455$ after one year with an interest rate of $14$ % per annum on a recurring deposit. We need to find the monthly installment. $\newline$ Using the formula for the future value of a recurring deposit: $A = P \times \frac{(1 + r)^n - 1}{r}$ $\newline$ Where: $\newline$ - $A$ is the future value (₹ $6455$ ) $\newline$ - $P$ is the monthly installment (unknown) $\newline$ - $r$ is the monthly interest rate ( $14$ % per annum, so $\frac{14}{12} \%$ per month) $\newline$ - $n$ is the total number of deposits ( $12$ deposits in one year)
Convert Annual Interest Rate: Step $2$ : Convert the annual interest rate to a monthly interest rate and substitute the values into the formula. $\newline$ The monthly interest rate $r$ is $\frac{14}{100 \times 12} = 0.01167$ $\newline$ Substitute into the formula: $\newline$ $6455 = P \times \frac{(1 + 0.01167)^{12} - 1}{0.01167}$
Calculate Denominator: Step $3$ : Calculate the denominator $(1 + 0.01167)^{12} - 1$ $\newline$ Using a calculator, $\newline$ $(1 + 0.01167)^{12} \approx 1.1508$ $\newline$ So, $1.1508 - 1 = 0.1508$ $\newline$ Now, substitute back: $\newline$ $6455 = P \times \frac{0.1508}{0.01167}$
Solve for P: Step $4$ : Solve for $P$ (monthly installment). $\newline$ $6455 = P \times 1292.5$ $\newline$ $P = \frac{6455}{1292.5} \approx 4.995$

More problems from Finance problems

Question

Solve. Write your answer as an integer or a fraction in simplest form.

\newline

5^x=1

\newline

x=

Posted 2 months ago

Question

Steven opened a savings account and deposited

\$100.00

as principal. The account earns

9\%

interest, compounded annually. What is the balance after

5

\newline

Use the formula

A = P(1 + \frac{r}{n})^{nt}

A

is the balance (final amount),

P

is the principal (starting amount),

r

is the interest rate expressed as a decimal,

n

is the number of times per year that the interest is compounded, and

t

is the time in years.

\newline

Round your answer to the nearest cent.

\newline

\$

Posted 2 months ago

Question

Use the following function rule to find

f(1)

\newline

f(x) = 12(7)^x + 8

\newline

f(1) =

Posted 1 month ago

Question

The town of Valley View conducted a census this year, which showed that it has a population of

1,800

people. Based on the census data, it is estimated that the population of Valley View will grow by

12\%

\newline

Write an exponential equation in the form

y = a(b)^x

that can model the town population,

y

x

decades after this census was taken.

\newline

Use whole numbers, decimals, or simplified fractions for the values of

a

b

\newline

y =

Posted 2 months ago

Question

Solve. Round your answer to the nearest thousandth.

\newline

7 = 9^x

\newline

x =

Posted 2 months ago

Question

Solve. Round your answer to the nearest thousandth.

\newline

7 = e^x

\newline

x =

Posted 1 month ago

Question

Solve. Simplify your answer.

\newline

\log u = 1

\newline

u =

Posted 2 months ago

Question

Solve. Simplify your answer.

\newline

7\log x = 7

\newline

x =

Posted 1 month ago

Question

g(t) = 3^t

change over the interval from

t = 3

t = 4

\newline

\newline

g(t)

3

\newline

g(t)

3

\newline

g(t)

3\%

\newline

g(t)

200\%

Posted 2 months ago

Question

f(x)

6

over every unit interval in

x

f(0) = 0

\newline

Which could be a function rule for

f(x)

\newline

\newline

f(x) = 6^x

\newline

f(x) = 6x

\newline

f(x) = \frac{1}{6^x}

\newline

f(x) = \frac{x}{6}

Posted 2 months ago