Hirsh took a loan at a rate of simple interest 6 in the year with an increase of 0 25 in each subseq...........

Quantitative Aptitude (CDS) Compound Interest

Hirsh took a loan at a rate of simple interest 6% in the year with an increase of 0.25% in each subsequent year. He paid interest of Rs. 4080 after 4 years. How much loan did he take

Rs. 14500

Rs. 15500

Rs. 16000

Rs. 16500

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Explanation:

Total interest = Rs. 4080
Rate = 6% and increasing by 0.25% every year.
Let total amount = P
P = (4080×100)/ (6×1 + 6.25×1 + 6.50×1 + 6.75×1)
= 408000/ 25.5
= Rs. 16000