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SSC CGL 2022 PYQ — Question 5

SSC CGL Tier II - Quant - 29 Jan 2022 • Quantitative Aptitude • Q5

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A loan is to be returned in two equal yearly installments. If the rate of interest is 10%p.a. compounded annually and each installment is Rs 5,808, then 60% of the total interest (nearest to a Rs) charged in this scheme is:

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Correct answer: D

Explanation

 The correct answer is option 4 i.e. 922.

Let the amount invested be P.

P = 5808(1+10100)+5808(1+10100)2\frac{5808}{(1 + \frac{10}{100})} + \frac{5808}{(1 + \frac{10}{100})^2}

⇒ P = 5280 + 4800

⇒ P = 10080

Interest earned = 11616 - 10080 = 1536

60% of 1536 = 921.6 = 922(approx)