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Question

A man repays a loan of Rs. 3250 by paying Rs. 20 in the first month and then increases the payment by Rs. 15 every month. How long will it take him to clear the loan?

A
1 year 3 months
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B
1 year and 8 months
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C
1 year
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D
1 year 5 months
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Solution

The correct option is C 1 year and 8 months
This is an A.P. with first term a=20 common difference d=15
total amount paid after n months is n[2a+(n1)d]/2=n[40+15(n1)]/2=3250
solving for n we get 20 months which is 1year 8months
Hence Option B is correct

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