SSC Sample Paper Mock Test-2 SSC CGL Tear-II Paper-1

What amount instalment will discharge on debit of 3220 due in 4 yr at 10% simple interest?

A) 500

B) 600

C) 700

D) None of these

Correct Answer: C

Solution :

Let the amount instalment be Rs. x. Then, according to the question,

(Amount of x for 3 yr)+(Amount of x for 2 yr)+ (Amount of x for 1 yr)+x = 3220

or \[\left( x+\frac{x\times 10\times 3}{100} \right)+\left( x+\frac{x\times 10\times 2}{100} \right)\]

\[+\left( x+\frac{x\times 10\times 1}{100} \right)+x=3220\]

\[\Rightarrow \]\[4x+\frac{30x}{100}+\frac{20x}{100}+\frac{10x}{100}=3220\]

\[\Rightarrow \]\[400x+30x+20x+10x=322000\]

\[\Rightarrow \] \[460x=322000\]

\[\Rightarrow \] x = Rs. 700

\[\therefore \] Each instalment = Rs. 700