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Question: Krishna borrows Rs. 45K from a bank at 10% compound interest. He repays it in three annual installments that are in arithmetic progression. He ends up paying Rs. 54K totally. How much did he pay in year 1?

A) Rs. 16,500
B) Rs. 19,500
C) Rs. 21,000
D) Rs. 18,000

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2 Comments

Comments are closed.

  1. Pallabh Bhura 3 years ago

    This is methodical but appears very longish. Can't we apply previous value concept and equate as:
    45k = (18k-d)/1.1 + 18k/(1.1)^2 + (18k+d)/(1.1)^3

  2. Amrita kar 3 years ago

    how do you understand 18k has to be middle term?

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