Jaspal Singh repays his total loan of Rs118000 by paying every month starting with the first installment of Rs1000. If he increases the installment by Rs100 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?
Given that,
Jaspal singh takes total loan = Rs118000
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
Thus, we have 1000, 1100, 1200, … which form an AP, with
first term, a = 1000
common difference, d = 1100 – 1000 = 100
nth term of an AP
So amount paid in 30 installments = sum of first 30 terms of this AP
= 15(2000 + 2900)
= 15(4900) = 73500
So he pays Rs 73500 in 30 installments
Loan left = total loan - paid lone
= 118000 - 73500 = 44500 Rs