csatmedium
As per agreement with a bank, a businessman had to refund a loan in some equal installments without interest. After paying 18 installments he found that 60 percent of his loan was refunded. How many installments were there in the agreement ?
- A.22
- B.24
- C.30
- D.33
▶ Answer & Explanation
Correct answer: C. 30
If 18 installments represent 60% of the total loan, then each installment represents 60% / 18 = 10/3 % of the total loan. To refund 100% of the loan, the total number of installments would be 100% / (10/3 %) = 100 * 3 / 10 = 30 installments.
Source: UPSC csat 2014