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SSC Sample Paper Mock Test-1 SSC CGL Tear-II Paper-1

  • question_answer
    A person borrows Rs. 4000 from a co-operative ban at \[7\frac{1}{2}%\]compound interest. At the end of every year he pays Rs. 1500 as part repayment of loan interest. How much does he still owe to the co-operative bank after three such installments?

    A) Rs. 150.75                    

    B)  Rs. 157.66

    C)  Rs. 123.25

    D)  Rs. 150.60

    Correct Answer: C

    Solution :

    Balance =Rs.\[\left\{ 4000\times {{\left( 1+\frac{15}{2\times 1000} \right)}^{3}} \right\}\] \[-\left\{ 1500\times {{\left[ 1+\frac{15}{2\times 100} \right]}^{2}}+1500\times \left[ 1+\frac{15}{2\times 100} \right]\times 1500 \right\}\] = Rs. 123.25


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