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ICSE Class 10 Answered

mrs gupta replace her total lone of 1,18000 by paying instalments every month. if the instalment for first month is 1000 and it increase by 100 every month ? what amount of lone she still has to pay after the 30 th instalment
Asked by preeti31122005 | 14 Aug, 2021, 01:08: PM
answered-by-expert Expert Answer
Loan Amount = Rs. 1,18.000
 
Let us assume this loan repayment is without any interest
 
If monthly instalment is Rs1000 , every month instalment is increased by Rs.100 and
number of instalments is 30 , total amount paid by instalments is calculated using aritmatic progression.
 
Sum of money paid = (n/2) ( 2 a + (n-1)d ) 
 
where n = 30 is number of instalments  , a = Rs.1000 is initial payment and d = Rs.100 is monthly increment.
 
Sum of money paid = ( 30/2) [ 2000 + 2900 ] = Rs. 73,500
 
Balance to be paid = Rs. 1,18,000 - Rs.73,500 = Rs.44,500
Answered by Thiyagarajan K | 17 Sep, 2021, 04:01: PM

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