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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
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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