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A sum of $3310 is to be paid back in 3 equal installments. [#permalink] ### Show Tags 21 Apr 2013, 22:27 4 This post was BOOKMARKED 00:00 Difficulty: 45% (medium) Question Stats: 67% (02:35) correct 33% (01:34) wrong based on 122 sessions ### HideShow timer Statistics A sum of$3310 is to be paid back in 3 equal installments. How much is each installment if the interest is compounded annually at 10% per annum.

A. 1311
B. 1331
C. 1103
D. 2331
E. 2311
[Reveal] Spoiler: OA

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Last edited by Bunuel on 21 Apr 2013, 22:39, edited 2 times in total.
Renamed the topic and edited the question.
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Re: A sum of $3310 is to be paid back in 3 equal installments. [#permalink] ### Show Tags 21 Apr 2013, 22:34 1 This post received KUDOS Expert's post sujit2k7 wrote: A sum of$3310 is to be paid back in 3 equal installments. How much is each installment if the interest is compounded annually at 10% per annum.

A. 1311
B. 1331
C. 1103
D. 2331
E. 2311

Similar question:
Quote:
Louie takes out a three-month loan of $1000. The lender charges him 10% interest per month compunded monthly. The terms of the loan state that Louie must repay the loan in three equal monthly payments. To the nearest dollar, how much does Louie have to pay each month? A. 333 B. 383 C. 402 D. 433 E. 483 Discussed here: louie-takes-out-a-three-month-loan-of-1000-the-lender-101506.html Hope it helps. _________________ Re: A sum of$3310 is to be paid back in 3 equal installments.   [#permalink] 21 Apr 2013, 22:34
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