Multiple Choice Questions on Vivek took a loan from the bank at 8 per annum and was supposed to pay a sum of Rs 2500 at the end o........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Vivek took a loan from the bank at 8 per annum and was supposed to pay a sum of Rs 2500 at the end o...........

Quantitative Aptitude ( CCS) Simple Interest
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    Vivek took a loan from the bank at 8% per annum, and was supposed to pay a sum of Rs.2500 at the end of 4 years. If the same sum is cleared off in four equal annual instalments at the same rate, then the amount of annual instalment will be?

    Rs.558

    Correct Answer

    Rs.978

    Incorrect Answer

    Rs.766

    Incorrect Answer

    Rs.856

    Incorrect Answer
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    Explanation:

    x + (x*8*1/100) = 27x/25
    x + (x*8*2/100) = 29x/25
    x + (x*8*3/100) = 31x/25
    (x + 27x/25 + 29x/25 + 31x/25) = 2500
    112x/25 = 2500 => x = 558

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