Multiple Choice Questions on Ritesh took a loan at a rate of simple interest 7 in the year with an increase of 1 in each su........... for CDS Exam Preparation

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Multiple Choice Questions

Ritesh took a loan at a rate of simple interest 7 in the year with an increase of 1 in each su...........

Quantitative Aptitude (CDS) Simple Interest
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     Ritesh took a loan at a rate of simple interest 7% in the year with an increase of 1% in each subsequent year. He paid interest of Rs. 8850 after 8 years. How much loan did he take?

     

    26050
     

    Incorrect Answer

    25000
     

    Incorrect Answer

    26090
     

    Incorrect Answer

    26029

    Correct Answer
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    Explanation:

    Total interest = Rs. 8850

    Rate = 7% and increasing by 1% every year

    Let total Loan Amount = P
     P= 8850 × 100/ (7×1 + 8 × 1 + 9 × 1 + 10× 1)= 885000/34

    = ????.26029

    By: bhavesh kumar singh
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