Question
Kruti took a loan at simple interest at 6 % in the first year with an increase of 0.5 % in each subsequent year. She paid Rs. 3375 as interest after 4 years. How much loan did she take?
Answer: Option A
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Let the loan taken be Rs. X , then
X × 6/100 × 1 + X × 6.5/100 × 1 + X × 7/100 × 1 + X × 7.5/100 × 1 = 3375
=> (6+ 6.5 +7 +7.5) × X/100 = 3375
=> X = (3375 × 100/27) = 12500
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