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SSC Quantitative Aptitude Simple Interest Question Bank Simple and Compound Interest (II)

  • question_answer
    A loan of Rs. 12300 at 5% per annum compound interest, is to be repaid in two equal annual instalments at the end of every year. The amount of each instalment is

    A) Rs. 6651

    B) Rs. 6615

    C) Rs. 6516

    D) Rs. 6156

    Correct Answer: B

    Solution :

    [b] Let each instalment = Rs. x \[\therefore \]      \[x\left( \frac{100}{100+r} \right)+x{{\left( \frac{100}{100+r} \right)}^{2}}=A\] \[\Rightarrow \]   \[x\left( \frac{100}{105} \right)+x{{\left( \frac{100}{105} \right)}^{2}}=12300\] \[x=\frac{12300\times 21\times 21}{20\times 41}=\text{Rs}.\,\,6615\]


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