Management Aptitude Test Dec 2012 Paper

Question : 96 of 200

Marks: +1, -0

Sultan took a loan from the bank at 8% per annum and was supposed to pay a sum of ₹ 2240 at the end of 4 yr. If the same sum is cleared off in four equal annual installments at the same rate, the amount of annual installment will be

₹ 500
₹ 550
₹ 600
₹ 1000

Validate

Solution:

(a) Given A = ₹ 2240, t = 4 yr , r = 8%
Amount of annual installment
=

[{100A}/{100t+{rt(t-1)}/2}]

{100×2240}/{100×4+{8×4×3}/2}

{100×2240}/{400+48}

{100×2240}/448

= ₹ 500

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