A sum of Rs. 10,400 is borrowed at 8% simple interest and is paid back in 5 equal annual installments. What is amount of each installments?

A sum of Rs. 10,400 is borrowed at 8% simple interest and is paid back

1.	A sum of Rs. 10,400 is borrowed at 8% simple interest and is paid back in 5 equal annual installments. What is amount of each installments?
A.	Rs. 2600
B.	Rs. 2800
C.	Rs. 2575
D.	Rs. 2460
E.	None of these
Answer» C. Rs. 2575

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A sum of Rs. 10,400 is borrowed at 8% simple interest and is paid back in 5 equal annual installments. What is amount of each installments?

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