Question : A person borrowed INR 2,000 at 5% annual simple interest repayable in 3 equal annual instalments. What will be the annual instalment?
Option 1: INR $730\frac{10}{63}$
Option 2: INR $840\frac{10}{63}$
Option 3: INR $640\frac{11}{63}$
Option 4: INR $250\frac{10}{63}$
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: INR $730\frac{10}{63}$
Solution : P = INR 2,000 Rate = 5% Time = 3 years Instalment = $\frac{A\times 100}{N\times 100 + ((N-1) + (N-2) + .....1)\times R }$ where, $A$ = Amount, $R$ = Rate, $N$ = Number of Years Simple Interest = $\frac{P\times R\times T}{100} = \frac{2000\times 5\times 3}{100} = 300$ Amount = 2000 + 300 = Rs. 2300 Instalment = $\frac{2300\times 100}{3\times 100 + (2+1)\times 5}$ $= \frac{46000}{63} = 730\frac{10}{63}$ Hence, the correct answer is INR $730\frac{10}{63}$.
Candidates can download this ebook to know all about SSC CGL.
Admit Card | Eligibility | Application | Selection Process | Preparation Tips | Result | Answer Key
Question : The interest earned on INR 21,000 in 3 years at Simple Interest is INR 6,400. What is the rate of interest per annum?
Question : Rajnish borrowed INR 1,500 from a bank and repaid the entire amount with interest in two equal annual instalments, the first instalment being paid a year after Rajnish borrowed from the bank. If the rate of interest was 40% per annum, compounded annually, then what was the
Question : A sum of Rs.10 is lent by a child to his friend to be returned in 11 monthly instalments of Re.1 each, the interest being simple. The rate of interest is:
Question : A loan is to be returned in two equal yearly instalments. If the rate of interest is 10% p.a., compounded annually, and each instalment is INR 5,808, then the total interest charged in this scheme is:
Question : What is the present worth of INR 1,100 due in 2 years at 5% simple interest per annum?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile