Question
Mathematics Question on SI & CI
Bhiku borrowed some money from Dhanraj to admit his daughter in a reputed Law School. He agreed to pay the interest-free loan of ₹ 60, 000 in a monthly installments which increased by a constant amount. After the 20th installment, he found that he has paid 3/4 of the loan. If the entire loan was cleared this way in 25 installments, find out the value of the first installment.
A
₹ 1560
B
₹ 1067
C
₹ 1680
D
₹ 1987
Answer
₹ 1680
Explanation
Solution
The correct option is (C):₹ 1680.