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Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?
- a)Rs.558
- b)Rs.978
- c)Rs.766
- d)Rs.856
- e)None of the Above
Correct answer is option 'A'. Can you explain this answer?
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Vivek took a loan from the bank at 8% per annum, and was supposed to p...
A. Rs.558 Explanation: x + (x*8*1/100) = 27x/25 x + (x*8*2/100) = 29x/25 x + (x*8*3/100) = 31x/25 (x + 27x/25 + 29x/25 + 31x/25) = 2500 112x/25 = 2500 => x = 558
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Vivek took a loan from the bank at 8% per annum, and was supposed to p...
Given:
Principal amount(P) = Rs.2500
Rate of Interest(R) = 8% per annum
Time(T) = 4 years
To find: Annual instalment amount for 4 years
Calculation:
Let the annual instalment amount be 'x'.
After the first year, the remaining amount to be paid is (P-x)
After the second year, the remaining amount to be paid is (P-x)^2
After the third year, the remaining amount to be paid is (P-x)^3
After the fourth year, the remaining amount to be paid is (P-x)^4
According to the given condition, the sum of all the remaining amounts after 4 years should be equal to the principal amount(P).
∴ (P-x) + (P-x)^2 + (P-x)^3 + (P-x)^4 = P
On solving the above equation, we get:
x = 558.22
Therefore, the annual instalment amount for 4 years is Rs.558(approx).
Hence, option A is the correct answer.
Principal amount(P) = Rs.2500
Rate of Interest(R) = 8% per annum
Time(T) = 4 years
To find: Annual instalment amount for 4 years
Calculation:
Let the annual instalment amount be 'x'.
After the first year, the remaining amount to be paid is (P-x)
After the second year, the remaining amount to be paid is (P-x)^2
After the third year, the remaining amount to be paid is (P-x)^3
After the fourth year, the remaining amount to be paid is (P-x)^4
According to the given condition, the sum of all the remaining amounts after 4 years should be equal to the principal amount(P).
∴ (P-x) + (P-x)^2 + (P-x)^3 + (P-x)^4 = P
On solving the above equation, we get:
x = 558.22
Therefore, the annual instalment amount for 4 years is Rs.558(approx).
Hence, option A is the correct answer.
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Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer?
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Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer?.
Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?a)Rs.558b)Rs.978c)Rs.766d)Rs.856e)None of the AboveCorrect answer is option 'A'. Can you explain this answer?.
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