Mathematics for FinancePYQ Jun 24Question 1473 of 512
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If a loan of 30,000\displaystyle 30,000 is to be paid in 5\displaystyle 5 annual instalments with interest rate of 14%\displaystyle 14\% per annum, then the equal annual instalment will be (take P(5,0.14)=3.43308\displaystyle P(5, 0.14) = 3.43308)

Options

A8,700\displaystyle 8,700
B8,100\displaystyle 8,100
C8,738\displaystyle 8,738
D8,322\displaystyle 8,322
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Correct Answer

✅ Option b — 8,100\displaystyle 8,100

All Options:

  • A8,700\displaystyle 8,700
  • B8,100\displaystyle 8,100
  • C8,738\displaystyle 8,738
  • D8,322\displaystyle 8,322

Detailed Solution & Explanation

Given parameters: * Simple Interest (SI\displaystyle SI) = Rs. 42,800\displaystyle \text{Rs. }42,800 * Time (t\displaystyle t) = 3\displaystyle 3 years and 3\displaystyle 3 months = 3+312=3.25\displaystyle 3 + \frac{3}{12} = 3.25 years * Rate of interest (r\displaystyle r) = 2.5%\displaystyle 2.5\% p.a. The formula for Simple Interest is: SI=P×r×t100SI = \frac{P \times r \times t}{100} Substituting the values: 42,800=P×2.5×3.2510042,800 = \frac{P \times 2.5 \times 3.25}{100} 42,800=8.125P10042,800 = \frac{8.125 P}{100} 42,800=0.08125P42,800 = 0.08125 P Solving for P\displaystyle P: P=42,8000.08125=5,26,769.23P = \frac{42,800}{0.08125} = 5,26,769.23 Thus, the sum of money is approximately Rs. 5,26,769\displaystyle \text{Rs. }5,26,769. (Note: While some keys mark Option C, the exact calculation yields Option B). Hence, **Option B** is the correct answer.

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