What annual installment will discharge a debt of Rs.1092 due in 3 years at 12% simple interest?  Choose the correct choice from the following answers:
A) 442
B) 441
C) 440
D) 320
E) 532
Let the installment be Rs. X   If he keeps the total amount for 3 years, he have to pay the interest   of Rs. (1092*12*3)/100.   But he paid Rs. X after 1 year.   So he need not to pay interest for Rs. X for remaining 2 years. i.e he   need not to pay Rs. (X*12*2)/100.   And he paid another Rs. X after 2 years.   So he need not to pay interest for for remaining 1 years. i.e. Rs.   (X*12*1)/100.   So The total interest he has to pay is Rs. ((1092*12*3)/100) - [   ((X*12*2)/100) + ((X*12*1)/100) ].   So, The total amount he has to pay is Rs. 1092 + Rs.((1092*12*3)/100) -   [ ((X*12*2)/100) + ((X*12*1)/100) ].   The total amount he paid = 3X. ( because he paid Rs.X for three times)   1092 + ((1092*12*3)/100) - [ ((X*12*2)/100) + ((X*12*1)/100) ] = 3X   BY solving, we will get X = 442.   442NSWER:442
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What annual installment will discharge a debt of Rs.1092 due in 3 years at 12% simple interest?