What equal instalment of annual payment (in ₹) will discharge a debt that is due as ₹624 at the end of 5 years at 2% per annum simple interest?

This question was previously asked in
SSC Selection Post 2024 (Matriculation Level) Official Paper (Held On: 26 Jun, 2024 Shift 1)
View all SSC Selection Post Papers >
  1. 150
  2. 120
  3. 180
  4. 240

Answer (Detailed Solution Below)

Option 2 : 120
Free
SSC Selection Post Phase 13 Matriculation Level (Easy to Moderate) Full Test - 01
17.1 K Users
100 Questions 200 Marks 60 Mins

Detailed Solution

Download Solution PDF

Given:

Total debt = ₹624

Time = 5 years

Rate of interest = 2% per annum

Formula used:

Total amount = P (first year) + (P + 0.02P) (Second year) + (P + 0.04P) (third year) + (P + 0.06P) (fourth year) + (P + 0.08P) (fifth year).

Calculation:

Total amount = 5P + 0.2P = 5.2P

⇒ 5.2P = 624

⇒ P = 624 / 5.2 = 120

∴ The equal annual installment is ₹120.

Latest SSC Selection Post Updates

Last updated on Jul 1, 2025

-> As per the notice released on 30th June 2025, the Staff Selection Commission has announced an extension for the application form correction window. Candidates can now make the required changes in their applications until 1st July 2025.

-> The Staff Selection Commission has officially released the SSC Selection Post Phase 13 Notification 2025 on its official website at ssc.gov.in.

-> A total number of 2423 Vacancies have been announced for various selection posts under Government of India.

-> The Computer Based Exam is scheduled from 24th July to 4th August, 2025. Candidates will be able to apply online from 2nd June 2025 to 23rd June 2025.

->  The SSC Selection Post Phase 13 exam is conducted for recruitment to posts of Matriculation, Higher Secondary, and Graduate Levels.

-> The selection process includes a CBT and Document Verification.

-> Some of the posts offered through this exam include Laboratory Assistant, Deputy Ranger, Upper Division Clerk (UDC), and more. 

-> Enhance your exam preparation with the SSC Selection Post Previous Year Papers & SSC Selection Post Mock Tests for practice & revision.

More Installments Questions

More Interest Questions

Get Free Access Now
Hot Links: teen patti master purana teen patti pro teen patti bonus teen patti master list yono teen patti