A loan of Rs 36000 , was to be paid back in monthly installments , the first being 1000. The next month 2000 . At this rate of payment how many months would it take To clear the debt . ( repayment increases by 1000 every month )
Answers
Step-by-step explanation:
Total loan is 36,000
if the repayment increases by 1000 every month with in 8 months the total loan will be cleared.
Total installments = 1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 = 36
= 1000 + 2000 +3000 + 4000 + 5000 + 6000 + 7000 + 8000 =36,000
The number of months taken to clear the debt = 8
Step-by-step explanation:
Loan amount = 36000
let the number of installments be n
Then
According to the question
This is an AP whose first term is 1000 and common difference is 1000
Sum of n terms of an AP whose first term is a and common difference d is given by
Therefore, here the sum will be
But n is a natural number
Therefore, n = 8
Thus, it will take 8 months to clear the debt
Hope this answer is helpful.
Know More:
Q: A man arranges to pay off a debt of RS. 3600 by 40 annual installments which form an A.P. When 30 of the installments are paid, he dies leaving one - third of thhe debt unpaid, find the value of the first installment.
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