NCHMCT JEE 2018 Question Paper with solutions for online practice

Question : 19 of 200

Marks: +1, -0

A sum of ₹550 was taken as a loan. This is to be repaid in two equal annual installments. If the rate of interest be 20% compounded annually, then the value of each installment is ............... .

₹ 421
₹396
₹360
₹350

Validate

Solution:

A = P (1+{r}/{100})^{t}

=550(1+{20}/{100})^{2}

=550 × {6}/{5} × {6}/{5}=₹ 792

∴ Value of each installment

=792/2=₹396

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