NCHMCT JEE 2019 Question Paper with solutions for online practice

Question : 24 of 200

Marks: +1, -0

A sum of ₹10,000 was taken on loan. This is to be repaid into five equal annual installments. If the rate by simple interest be 20% annually, then the value of each installment is _________.

₹ 7,000
₹ 2,000
₹ 6,000
₹ 4,000

Validate

Solution:

(d) Total amount to be repaid

=P+\;{P × R × T}/{100}

\;\; =10000+\;{10000 × 20 × 5}/{100}

\;\; =10000+10000=₹ 20000

\;\text " Each installment "\; \;\; =\;{20000}/{5}=₹ 4000

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