CAT Exam > CAT Questions > For a loan of Rs. 32,400 that I gave to my fr...
Start Learning for Free
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?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
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.
Attention CAT Students!
To make sure you are not studying endlessly, EduRev has designed CAT study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CAT.
|
Explore Courses for CAT exam
|
|
Similar CAT Doubts
Top Courses for CATView all
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?
Question Description
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?.
Solutions 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? in English & in Hindi are available as part of our courses for CAT.
Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice CAT tests.
|
|
Explore Courses for CAT exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup