MATHEMATICS · Single correct · A Level · Mathematics · Sequences and series · Sequences and series
Problem
A loan is to be repaid in 24 monthly instalments. The first instalment is Rs 4,000 and each subsequent instalment is Rs 500 more than the previous one. After the 12th instalment, a processing fee of Rs 200 is added to each of the remaining instalments while the incremental pattern continues unchanged. What is the total amount that will be paid over the 24 months?
(a) Rs 2,38,800
(b) Rs 2,34,000
(c) Rs 2,36,400
(d) Rs 2,49,600