Q- What annual installment will discharge a debt of 1092 due in 3 years at 12% Simple Interest?
Solution says:
{x + x*12*1/100} + {x + x*12*2/100} + x = 1092
Find the value of x which is the annual installment.
Could someone please help me understand the concept of above problem.
I checked with many people but cudnt get the exact explanation.:rolleyes:
Thanks in advance..[clap]