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21 Apr 2013, 23:27
4
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Difficulty:

55% (hard)

Question Stats:

66% (02:39) correct 34% (01:34) wrong based on 139 sessions

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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 _________________ If u can't jump the 700 wall , drill a big hole and cross it .. I can and I WILL DO IT ...need some encouragement and inspirations from U ALL Last edited by Bunuel on 21 Apr 2013, 23:39, edited 2 times in total. Renamed the topic and edited the question. Math Expert Joined: 02 Sep 2009 Posts: 39051 Followers: 7755 Kudos [?]: 106554 [1] , given: 11628 Re: A sum of$3310 is to be paid back in 3 equal installments. [#permalink]

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21 Apr 2013, 23:34
1
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 $3310 is to be paid back in 3 equal installments. [#permalink] 21 Apr 2013, 23:34 Similar topics Replies Last post Similar Topics: 2 Peter invests a sum of money and gets back an amount of$ 815 in 3 yea 1 18 Jul 2016, 00:23
2 Ann invested a certain sum of money in a bank that paid simple interes 6 18 May 2017, 12:31
3 A certain debt will be paid in 52 installments from January 1 to Decem 7 16 May 2017, 18:18