ExamBro
ExamBro
CUET · MATHS · PYQ PAPER 2023

Mr. Ram took a loan of 4,00,000rupees at 10% annual interest rate and paid 20,000 as monthly instalment under flat rate system. What is the term of the loan?

  1. A 5 years
  2. B 4 years
  3. C 3 years
  4. D 2 years
Verified Solution

Answer & Solution

Correct Answer

(D) 2 years

Step-by-step Solution

Detailed explanation

Total Interest \( = P \times R \times T \) Total Payment \( = P + (P \times R \times T) \) \( \text{Monthly Instalment} \times 12 \times T = P + (P \times R \times T) \) \( 20,000 \times 12 \times T = 4,00,000 + (4,00,000 \times 0.10 \times T) \)…
From CUET
Explore more questions on app