Installment (SSC)

Total Questions: 40

31. A sum of Rs.6,000 is to be paid back in two equal annual installments; each installment is to be paid at the end of every year. How much is each installment if the interest is compounded annually at 2% p.a.? (Rounded off up to two decimal places) [SSC CGL 02/12/2022 (1st Shift)]

Correct Answer: (b) Rs.3,090.30

32. What annual installment will discharge a debit of ₹5,664 in 4 years at 12% simple interest ? [SSC CGL 02/12/2022 (3rd Shift)]

Correct Answer: (c) ₹1,200

33. A car with a price of ₹6,50,000 is bought by making some down payment. On the balance, a simple interest of 10% is charged in lump sum and the money is to be paid in 20 equal annual installments of ₹25,000. How much is the down payment? [SSC CGL 06/12/2022 (2nd Shift)]

Correct Answer: (b) ₹ 1,95,455
Solution:

34. A person borrows Rs.1,00,000 from a bank at 10% per annum simple interest and clears the debt in five years. If the installment paid at the end of the first, second, third and fourth years to clear the debt are Rs.10,000, Rs.20,000, Rs.30,000 and Rs.40,000, respectively, what amount should be paid at the end of the fifth year to clear the debt? [SSC CGL 12/12/2022 (1st Shift)]

Correct Answer: (a) Rs.38,250

35. A man borrowed Rs.50,000 from a bank at 10% per annum, compounded annually. At the end of every year, he pays Rs.15,000 as part payment of the loan and interest. How much does he still owe to the bank after three such installments ? [SSC CPO 10/11/2022 (Morning)]

Correct Answer: (a) Rs.16,900

36. A sum of money was borrowed and paid back in two equal annual instalments of Rs. 980, allowing 4% compound interest. The sum (in Rs. to the nearest tens) borrowed was: [SSC CGL 11/04/2022 (Evening)]

Correct Answer: (a) 1,850

37. A mobile phone is available for Rs. 79860 by cash payment or by paying cash of Rs. 60000 as down payment and the remaining amount in three equal annual installments. If the shopkeeper charges interest at the rate of 10% per annum compounded annually, then the amount of each installment (in Rs.) will be: [SSC CHSL 16/04/2021 (Afternoon)]

Correct Answer: (a) 7986

38. A loan has to be returned in two equal yearly installments each of Rs 44,100. If the rate of interest is 5% p.a., compounded annually, then the total interest paid is: [SSC CGL Tier II (12/09/2019)]

Correct Answer: (c) ₹6200

39. A certain loan was returned in two equal half yearly installments each of Rs 6,760. If the rate of interest was 8% p.a., compounded yearly, how much was the interest paid on the loan? [SSC CGL Tier II (13/09/2019)]

Correct Answer: (d) ₹770

40. A sum of Rs x was borrowed and paid back in two equal yearly installments, each of Rs 35,280. If the rate of interest was 5%, compounded annually, then the value of x is: [SSC CGL 07/06/2019 (Afternoon)]

Correct Answer: (b) 65,600