A man borrows $1500 promising to repay the sum borrowed and the proper interest by 10 equal yearly installments, the first two falling due in 1 year’s time. Reckoning C.I. at 5% p.a., find the value of the annual installment.
A man borrows $1500 promising to repay the sum borrowed and the proper interest by 10 equal yearly installments, the first two falling due in 1 year’s time. Reckoning C.I. at 5% p.a., find the value of the annual installment.
