A few days ago
Anonymous

Plz help me with Business Mathematics problem?

Mr. A has to pay off debt of 3600 to Mr. B it has been agreed that the loan will be paid in 40 monthly instalments which from an Arithmetic series. When 30 o fhte instalments were paid Mr. A died leaving behind onethird of the loan unpaid. however his heirs honoured the committment and paid all the remaining instalments in time. what was the value of the first instalment (i) paid by Mr. A and (ii) by his heirs???

Top 1 Answers
A few days ago
shailesh

Favorite Answer

Formula for sum of first ‘n’ terms of an A.P is

Sn = n/2{2a+(n-1)d}

Where n= no. of terms of the AP

a= first term

d = difference b/w two consecutive terms

hence for n=40

20{2a+39d}= 3600

2a+39d=180 —(1)

Similarly when 30 installments have been paid the remaining amount is 1/3rd so paid amount is 2/3rd of 3600 which is 2/3*3600= 2400 hence for n=30

15{2a+29d}=2400

2a+29d=160 –(2)

Solving equation 1 & 2

a=51

d=2

now nth term of a AP is

Tn=a+(n-1)d

Since the old man paid installment i.e. first term of AP hence the old man paid “51” as first installment.

The heirs paid the 31st installment i.e. 31st term of AP

Which is

T31= 51+30*2=111

Hence the heirs paid “111” as first installment.

Value of first installment paid by

(i)Mr. A = 51

(ii)the heirs = 111

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