Q107
ArithmeticPercentage, Profit & Loss
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% of his loan was refunded. How many installments were there in the agreement?
- a.22
- b.24
- c.30
- d.33
Answer: (C) 30
Since the installments are equal and interest-free, 18 installments correspond to 60% of the loan, so the total number is $\frac{18}{0.60} = 30$. Each installment is therefore $\frac{100}{30} = 3\frac{1}{3}\%$ of the loan, and 12 installments (40%) remain. Unitary check: 60% is 18 installments, so 10% is 3 installments and 100% is 30. The other options fail the same check, since 60% of 22, 24 and 33 is 13.2, 14.4 and 19.8, not 18.