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Question

The loan of Rs.34400 is repaid in 2 equal installments at the end of each year with a simple interest rate of 5% per annum. Find the amount of installment (Rs.)


A

Rs.21,600

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B

Rs.19,360

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C

Rs.18,480

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D
Rs.17,560
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Solution

The correct option is C

Rs.18,480


Let each installment be X, then

34400=X2120+X1110

34400=X(220+210231)


X = 80 × 231 = Rs. 18,480

Hence, option (C) is the correct answer.


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