NextMockSearch exams, e.g. SSC CGL, UPPSC, Lekhpal
Railways PYQCBT 1 2016

RRB NTPC · Question 41

A man purchased a cycle for Rs. 3,000/ - and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.

  1. Rs. 260

  2. Rs. 240

  3. Rs. 280

  4. Rs. 300

Show answer & explanation

Answer: (C) Rs. 280

Explanation

Interest at 12% on Rs 3,000 = Rs 360, so the total to repay = 3000 + 360 = Rs 3,360. In 12 equal monthly instalments, each = 3360/12 = Rs 280.