Question
Download Solution PDFThe amount of debt that will be discharged by 5 equal monthly instalments of ₹1,845 each, at the rate of 48% simple interest per annum, is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The amount of debt will be discharged by 5 equal monthly installments of ₹1,845 each, at the rate of 48% simple interest per annum.
Formula used:
Total debt = Sum of all installments (including interest)
Interest per installment = Principal × rate × time
Calculation:
Rate of interest = 48% per annum = 48 ÷ 12 = 4% per month
Total installments = 5
First installment interest for 4 months, second installment for 3 months, and so on till the last installment for 0 months.
Total interest = (1,845 × 4 × 4%) + (1,845 × 3 × 4%) + (1,845 × 2 × 4%) + (1,845 × 1 × 4%) + (1,845 × 0 × 4%)
⇒ Total interest = ₹295.2 + ₹221.4 + ₹147.6 + ₹73.8 + ₹0 = ₹738
Total amount of debt = 5 × ₹1,845 + ₹738
⇒ Total debt = ₹9,225 + ₹738 = ₹9,963
∴ The correct answer is option (4), ₹9,963.
Last updated on Jul 1, 2025
-> As per the notice released on 30th June 2025, the Staff Selection Commission has announced an extension for the application form correction window. Candidates can now make the required changes in their applications until 1st July 2025.
-> The Staff Selection Commission has officially released the SSC Selection Post Phase 13 Notification 2025 on its official website at ssc.gov.in.
-> A total number of 2423 Vacancies have been announced for various selection posts under Government of India.
-> The Computer Based Exam is scheduled from 24th July to 4th August, 2025. Candidates will be able to apply online from 2nd June 2025 to 23rd June 2025.
-> The SSC Selection Post Phase 13 exam is conducted for recruitment to posts of Matriculation, Higher Secondary, and Graduate Levels.
-> The selection process includes a CBT and Document Verification.
-> Some of the posts offered through this exam include Laboratory Assistant, Deputy Ranger, Upper Division Clerk (UDC), and more.
-> Enhance your exam preparation with the SSC Selection Post Previous Year Papers & SSC Selection Post Mock Tests for practice & revision.