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SSC Selection Post 2023 PYQ — Question 56

SSC Selection Post - Matriculation Level - 30 June 2023 - Shift 3 • Quantitative Aptitude • Q56

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What is the annual payment Sunil should pay (in ₹) to clear his debt of ₹15,750, which he borrowed from his cousin and promised to return in 3 years at 5% simple interest?

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Correct answer: B

Explanation

The correct answer is option 2 i.e. 5,000.

Installment = 100×A100×T+R×T[(T−1)2]100\times A\over{100\times T+R\times T[{(T-1)\over2}]}

here, A = amount, T = time, and R = rate

Installment = 100×15750100×3+5×3[(3−1)2]100\times 15750\over{100\times 3+5\times 3[{(3-1)\over2}]}

⇒ 100×15750100×3+5×3100\times 15750\over{100\times 3+5\times 3}

⇒ 100×15750315100\times 15750\over315 = 5,000