Question

Samrat took a loan of 48000 for motorcycle from PNB at the rate of 12% per annum for 4 years. What amount will he give to bank to clear off his debt ?

Answer 1

Answer:

Suppose the loan is cleared in n months. Clearly, the amounts form an A.P. with first term 20 and the common difference 15.

∴ Sum of the amounts =3250

⟹ n/2 {2×20+(n−1)×15}=3250

⟹ n/2 (40+15n−15)=3250

⟹n(15n+25)=6500

⟹15^2 +25n−6500=0

⟹3n^2 +5n−1300=0

⟹(n−20)(3n+65)=0

⟹n=20 or, n=− 65/3

⟹n=20

Thus, the loan is cleared in 20 months.