Question 56

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

Solution

Let the amount of annual installment be 'P'

The amount for 1 year,

$$\Rightarrow P + \frac{P \times 1 \times 8}{100} = \frac{27P}{25}$$

The amount for 2 years,

$$\Rightarrow P + \frac{P \times 2 \times 8}{100} = \frac{29P}{25}$$

The amount for 3 years,

$$\Rightarrow P + \frac{P \times 3 \times 8}{100} = \frac{31P}{25}$$

From the given question,

$$\therefore \frac{27P}{25} + \frac{29P}{25} + \frac{31P}{25} = 2240$$

$$\Rightarrow \frac{27P + 29P + 31P}{25} = 2240$$

$$\Rightarrow \frac{112P}{25} = 2240 \Rightarrow P = \frac{2240 \times 25}{112} = 500$$

Hence, option A is the correct answer.

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