Installment (SSC)

Total Questions: 40

21. In a store, Arun has two options to buy a mobile phone, either he can pay the full amount of Rs.2,500 or he may buy at an installment scheme, i.e. Rs.520 in down payment and four equal installments, rate of interest being charged at 25% p.a. simple interest. Arun buys a mobile phone on the installment scheme. What is the monthly installment for Arun? [SSC CPO 05/10/2023 (3rd Shift)]

Correct Answer: (d) Rs.520
Solution:

22. A computer is available for ₹39,000 on cash payment or ₹19,000 as cash payment followed by five monthly installments of ₹4,200 each. What is the rate of interest per annum under the installment plan? [SSC CHSL 02/08/2023 (2nd Shift)]

Correct Answer: (c) 20 ²⁰⁄₂₉%

23. What is the amount (in ₹) of debt that will be discharged in 6 equal installments of ₹800 each, if the debt is due in 6 years at 5% per annum? [SSC CHSL 08/08/2023 (1st Shift)]

Correct Answer: (d) 5,400

24. An item is bought on a condition that three equal installments of ₹3,993 are to be paid at a rate of 10% compound interest, compounded annually. The cost of the item is: [Matriculation Level 27/06/2023 (Shift-1)]

Correct Answer: (d) ₹9,930

25. P borrows ₹5,00,000 from the bank which charges 18% simple interest per annum at the start of the year. He pays 11 equal monthly installments of ₹40,000 and his bike at the end of the year to pay the amount. What is the value of the bike given? [Matriculation Level 27/06/2023 (Shift-2)]

Correct Answer: (a) 1,50,000

26. To buy a car, Sahil borrowed some amount at 10% simple interest rate. He has paid some loan amount but ₹1,81,500 is due which he has to pay in 3 years. What will be the annual installment (in ₹)? [Matriculation Level 28/06/2023 (Shift-1)]

Correct Answer: (c) 55,000

27. What annual installment will discharge a debt of Rs.35,455 due in three years at 12% simple interest per annum (Installments will be paid at the end of the years) (Round off to nearest Rupee)? [Matriculation Level 28/06/2023 (Shift-1)]

Correct Answer: (a) Rs.10,552

28. Ravi borrowed ₹1,380 from a bank which he repaid in 6 years at the rate of 6% per annum simple interest. If payment was made in six equal installment, then each installment was: [Matriculation Level 28/06/2023 (Shift-4)]

Correct Answer: (b) ₹200

29. What annual payment will discharge a debt of ₹1,936 in four annual equal installments at the rate of 14% on simple interest? [Matriculation Level 30/06/2023 (Shift-4)]

Correct Answer: (d) ₹400

30. Rajnish borrowed ₹1,500 from a bank and repaid the entire amount with interest in two equal annual installments, the first installment being paid a year after Rajnish borrowed from the bank. If the rate of interest was 40% per annum, compounded annually, then what was the value (in ₹) of each installment paid by Rajnish? [SSC CGL Tier II (07/03/2023)]

Correct Answer: (c) 1225