A) Rs.500 per year
B) Rs.600 per year
C) Rs.700 per year
D) Rs.800 per year
Correct Answer: C
Solution :
Shortcut method: If borrowed amount be Rs. M and it is to be paid in equal instalments, then \[M=na+\frac{ra}{100\times Y}\times \frac{n(n-1)}{2}\] where Y = no. of instalments per annum a = annual instalment Here, \[M=4200,\,y=1,\,r=10,\,n=5,\,a=?\] \[4200=5a+\frac{10a}{100}\times \frac{5(5-1)}{2}\] \[\Rightarrow \] \[4200=a\,\left[ 5+1 \right]\,\,\Rightarrow 6a=4200\] \[\Rightarrow \] \[a=Rs.700\]
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