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For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?
- a)Rs. 100
- b)Rs. 200
- c)Rs. 400
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
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For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to...
To solve this problem, we can use the concept of arithmetic progression. We know that the sum of an arithmetic progression is given by the formula:
Sn = (n/2)(2a + (n-1)d)
where Sn is the sum of the first n terms, a is the first term, and d is the common difference.
In this case, we have a loan of Rs. 32,400 to be paid off in 24 months. Let's assume that the first installment is x, and the common difference is Rs. 100.
The sum of the first 24 terms is equal to the loan amount:
32400 = (24/2)(2x + (24-1)100)
Simplifying this equation, we get:
32400 = 12(2x + 2300)
Dividing both sides by 12, we have:
2700 = 2x + 2300
Subtracting 2300 from both sides, we get:
400 = 2x
Dividing both sides by 2, we find:
x = 200
Therefore, the first installment is Rs. 200.
So, the correct answer is option B) Rs. 200.
Sn = (n/2)(2a + (n-1)d)
where Sn is the sum of the first n terms, a is the first term, and d is the common difference.
In this case, we have a loan of Rs. 32,400 to be paid off in 24 months. Let's assume that the first installment is x, and the common difference is Rs. 100.
The sum of the first 24 terms is equal to the loan amount:
32400 = (24/2)(2x + (24-1)100)
Simplifying this equation, we get:
32400 = 12(2x + 2300)
Dividing both sides by 12, we have:
2700 = 2x + 2300
Subtracting 2300 from both sides, we get:
400 = 2x
Dividing both sides by 2, we find:
x = 200
Therefore, the first installment is Rs. 200.
So, the correct answer is option B) Rs. 200.
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For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer?
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For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer?.
For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For a loan of Rs. 32,400 that I gave to my friend Anil, he promised to pay me the amount in monthly installments, starting with a certain amount and increasing the installments every month with a fixed amount of Rs. 100. In this way, he could clear off the loan in 24 months. How much was the first installment?a)Rs. 100b)Rs. 200c)Rs. 400d)None of theseCorrect answer is option 'B'. Can you explain this answer?.
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