A) Rs. 500 per year
B) Rs. 600 per year
C) Rs. 700 per year
D) Rs. 800 per year
Correct Answer: C
Solution :
[c] 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=? \[4200=5a+\frac{10a}{100}\times \frac{5\,\,(5-\,1)}{2}\] \[\Rightarrow 4200=a\,\,[5+1]\Rightarrow 6a=4200\] \[\Rightarrow a=Rs.\,\,700\]
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