Question

A farmer, Ramgarh, took a bank loan from SBI for repairing his house. But he could not pay the amount on time. This resulted in the accumulation of interest and the amount pay reached Rs. 1, 00,000. After a few months, the farmer opened a shop that resulted in enough income and the income increased on a regular basis. So he decided to pay the bank loan in a different manner. The farmer visited the bank. He made an agreement with the bank that he will start paying the amount of Rs.1, 00,000 without interest from January 2020. In January 2020 he will pay Rs.5000 and will increase the payment by Rs.100 in each month, as shown in the figure.

Now answer the following questions.
i) In how many months will the farmer clear the loan amount? *
1 point
a) 16
b) 15
c) 18
d) 20
ii) How much amount he has to pay in the last month in rupees?*
1 point
a) 1400
b

Answer 1

Answer:

¡) d) 20

1,00,000÷5000

=20