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SSC Selection Post 2024 PYQ — Question 63

SSC Selection Post - Matriculation Level - 24 June 2024 - Shift 4 • Quantitative Aptitude • Q63

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A man has to discharge a debt of ₹15,600, which is due in 3 years at 4% simple interest per annum. If he pays this amount in equal instalments of annual payment, find the amount for the annual payment.

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Correct answer: D

Explanation

 The correct answer is Option 4 i.e. ₹5,000.

I = P×100(n×100)+[(n−1)+(n−2)+....+1]×RP × 100\over(n×100)+[(n-1)+(n-2)+....+1] × R

Here, I = Annual installment, P = principal, n = number of years, and R = rate

I = 15600×100(3×100)+[(3−1)+(3−2)+....+1]×415600× 100\over(3×100)+[(3-1)+(3-2)+....+1] × 4

I = 15600×100300+(2+1)×415600× 100\over300+(2+1) × 4

I = 15600×100300+1215600× 100\over300+12

I = 15600×10031215600× 100\over312 = ₹5,000