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SSC Selection Post 2024 PYQ — Question 58

SSC Selection Post - Matriculation Level - 24 June 2024 - Shift 4 • Quantitative Aptitude • Q58

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The annual instalment (in ₹) to discharge a debt of ₹8,432 due in 4 years at 16% simple interest per annum is:

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Correct answer: A

Explanation

The correct answer is Option 1 i.e. 1,700.

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 = 8432×100[(4×100)+[(4−1)+(4−2)+(4−3)]×16]8432 × 100\over[(4×100)+[(4-1)+(4-2)+(4-3)] × 16]

I = 8432×100[(4×100)+(3+2+1)×16]8432 × 100\over[(4×100)+(3+2+1) × 16]

I = 8432×100400+968432 × 100\over400 + 96

I = 8432×1004968432 × 100\over496

I = ₹1,700