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A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5?
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A loan of rupees 34370 is paid back in three annual installments. the ...
Solution:
Given, loan amount = Rs. 34370
Let the first installment be x.
Then, the second installment = 2x
And the third installment = (3/4) * 2x = 3x/2
Total loan amount = x + 2x + 3x/2 = 7x/2
We know, the loan is paid back in three annual installments.
Hence, each installment = (Total loan amount)/3 = 34370/3 = 11456.67
Now, we need to find the individual installment paid with 10% compound interest for the remaining time.
Let us calculate the interest paid over the first installment for the remaining time:
Principal amount = x
Rate of interest = 10%
Time = 2 years (as the first installment is already paid)
Compound interest = P(1+R/100)^n - P
= x(1 + 10/100)^2 - x
= x(1.1)^2 - x
= 1.21x - x
= 0.21x
Therefore, the amount paid in the first installment with interest = x + 0.21x = 1.21x
Similarly, the amount paid in the second installment with interest = 2x + 0.21(2x) = 2.42x
And the amount paid in the third installment with interest = 3x/2 + 0.21(3x/2) = 1.815x
Adding all three installments, we get:
1.21x + 2.42x + 1.815x = 5.445x
Total loan amount with interest = 5.445x
We know, total loan amount with interest = 34370(1 + 10/100)^3 = 46005.35
Hence, 5.445x = 46005.35
x = 8465.5
Therefore, the first installment = x = Rs. 8465.5
The second installment = 2x = Rs. 16931
The third installment = 3x/2 = Rs. 12698.5
Hence, the answer is option 3. 9317, 18635, 13975.5.
Given, loan amount = Rs. 34370
Let the first installment be x.
Then, the second installment = 2x
And the third installment = (3/4) * 2x = 3x/2
Total loan amount = x + 2x + 3x/2 = 7x/2
We know, the loan is paid back in three annual installments.
Hence, each installment = (Total loan amount)/3 = 34370/3 = 11456.67
Now, we need to find the individual installment paid with 10% compound interest for the remaining time.
Let us calculate the interest paid over the first installment for the remaining time:
Principal amount = x
Rate of interest = 10%
Time = 2 years (as the first installment is already paid)
Compound interest = P(1+R/100)^n - P
= x(1 + 10/100)^2 - x
= x(1.1)^2 - x
= 1.21x - x
= 0.21x
Therefore, the amount paid in the first installment with interest = x + 0.21x = 1.21x
Similarly, the amount paid in the second installment with interest = 2x + 0.21(2x) = 2.42x
And the amount paid in the third installment with interest = 3x/2 + 0.21(3x/2) = 1.815x
Adding all three installments, we get:
1.21x + 2.42x + 1.815x = 5.445x
Total loan amount with interest = 5.445x
We know, total loan amount with interest = 34370(1 + 10/100)^3 = 46005.35
Hence, 5.445x = 46005.35
x = 8465.5
Therefore, the first installment = x = Rs. 8465.5
The second installment = 2x = Rs. 16931
The third installment = 3x/2 = Rs. 12698.5
Hence, the answer is option 3. 9317, 18635, 13975.5.
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A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5?
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A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5?.
A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A loan of rupees 34370 is paid back in three annual installments. the 2nd instalment is twice the first installment and the 3rd instalment is three-fourth of 2nd instalment. if for the remaining time the rate of ci be 10% pa on each instalment. find each instalment paid. 1.6000, 12000, 9000 2. 8000, 14000, 9000 3. 9317, 18635, 13975.5 4. 9535, 19624, 12975.5?.
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