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
• B. $1$ year and $8$ months
• C. $1$ year
• D. $1$ year $5$ months

Answer 1

Answer: (B)

$1$ 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 $n\ast [2a+(n-1\left)d\right]/2=n\ast [40+15(n-1\left)\right]/2=3250$

solving for n we get 20 months which is $1year$ $8months$

Hence Option B is correct