Answers

2014-03-08T11:18:46+05:30
Let monthly installment = x

total money paid = x * 12months

interest = maturity value - total money paid

= 6455 - 12x

interest = P[n(n+1)/2 * 1/12 * R/100]

i = P [12*13/2 * 1/12 * 14/100]

6455-12x = x[7*13/100]

6455 - 12x = 91/100x

6455 = 12.91x
x = Rs. 500
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