Jaspal Singh repays his total loan of ₹ 118000

Question:

Jaspal Singh repays his total loan of ₹ 118000 by paying every month starting with the first installment of ₹ 1000. If he increases the installment by ₹

100 every month, what amount will be paid by him in the 30th installment? What amount of loan does he still have to pay after the 30th installment?

Solution:

Given that,

Jaspal singh takes total loan = ₹ 118000 He repays his total loan by paying every month.

His first installment = ₹ 1000

Second installment = 1000 + 100 = ₹ 1100

Third installment = 1100 + 100 = ₹ 1200 and so on

 

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