Exams › SSC CGL (Prelims) › Maths

A loan of Rs 210 is to be repaid in two equal annual instalments. If interest is charged at 10% compounded annually, what is the amount of each instalment?

1. Rs 127
2. Rs 121
3. Rs 210
4. Rs 225

Correct answer: Rs 121

Solution

Let each instalment be x. The present value equation is 210 = x/1.1 + x/(1.1)². Solving gives x = 121.

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